luxury home toronto

Luxury home sales in Toronto fall off a cliff

Toronto's luxury home market is always in flux, and it's exciting to watch how the richest among us live. 

Recently, however, it seems the rich aren't buying as many homes as normal. A new report from Re/Max says the number of sales for luxury homes has fallen significantly since last year. 

Sales of detached homes that sold for $2 million to $3 million fell about 50 per cent in Toronto since last year, and homes in the $1 million to $2 million range fell 35 per cent. Those over $3 million fell 45 per cent. 

Re/Max cites a foreign buyer's tax and new lending regulations as the chokehold for the sales, and that many are hesitant to list their properties under the current conditions. 

Lead photo by

barrycohenhomes


Join the conversation Load comments

Latest in Real Estate

This Toronto house is only $500K but it smells so bad you can't go inside

This $14 million mansion in Mississauga looks like something out of a fairy tale

5 new condo developments that might convince you to move to Hamilton

The cost to rent a Toronto apartment is going up again but it's falling in the suburbs

This is what a $20K a month penthouse apartment looks like in Toronto

Toronto condo prices have risen by 44% since 2017's housing peak

The Toronto house featured in My Big Fat Greek Wedding is for sale

Home prices in this Ontario city are exploding thanks to people leaving Toronto