Sotheby's Top-Tier Real Estate Report

Sotheby's Top-Tier Real Estate Report

toptierSotheby’s International Realty Canada just published a bi-annual study highlighting market trends for the most expensive properties in Canada’s largest urban centres. This Top-Tier Real Estate Report is the only Canadian report that provides insight on the high-end real estate market. It compares data for residential properties with values over $1 million.

The report analyzes year-over-year data for key market variables over a six-month period for Vancouver, Calgary, Toronto, and Montreal. The data (2012–2013) include sales volume, average day on the market, and percentage of homes sold over asking price for condominiums, attached homes, and single-family homes sold for $1 million to $2 million, $2 million to $4 million, and over $4 million on the MLS. It also features recent luxury home sales in the Canadian market.

TORONTO MARKET SUMMARY

In the first half of 2013, the top-tier residential real estate market in the GTA was stable, and it also reflected growth in key market segments. Despite the slow start during the first three months of 2013, 2,974 homes over $1 million sold between January and July. This is a 59 per cent increase compared to the last six months of 2012 and a marginal 4 per cent decrease in sales relative to the same period last year.

singificant sales

Homes between $1 million and $2 million experienced a 58 per cent increase in sales compared to six months ago. There was a 62 per cent increase in the number of purchases within the $2 million to $4 million category. Home sales over $4 million jumped by over 124 per cent compared to the last half of 2012, and 23 per cent compared to the same period in 2012, raising the number of sales in the highest-priced market segment to 38 units.

Due to Toronto’s current population growth and more buyers entering the market, the demand for luxury homes continues to rise.

overall market

Condominiums

The data from the first half of 2013 reflects balance in the high-end segment. During this period, 122 condominium units sold for over $1 million — 4 per cent more than in the second half of 2012 and 19 per cent less than in the first half of 2012. In the $1 million to $2 million category, 102 units sold. This is a 3 per cent drop in sales compared to 2012. Condominium sales in the $2 million to $4 million range increased by 67 per cent, to 20 units.

Condominiums

Attached Homes

Attached homes (townhouses, semis, and duplexes) showed a considerable increase in units sold compared to the last half of 2012. In the $1 million category, 201 attached homes sold during the first half of 2013. This is 91 per cent more than sold between July 1 and December 31, 2013, and 21 per cent more than sold during the first half of 2012. These sales included an 81 per cent and 182 per cent rise in sales in the $1 million to $2 million and $2 million to $4 million categories, respectively, compared to the second half of 2012.

These data show a high demand for attached homes, which also reflects in the fact that over 27 per cent of properties sold between $1 million and $2 million, and over 58 per cent of these properties sold above the list price.

attached homes

Single-Family Homes

During the first half of 2013, the sales of single-family homes across all price categories in the GTA saw considerable growth. Sales in the $1 million to $2 million range increased by 61 per cent, while sales in the $2 million to $4 million range increased by 57 per cent, and sales of homes over $4 million increased 124 per cent compared to the last half of 2012.

Reflecting stable demand in the high-end, single-family home market, 9% of homes over $1 million sold above their original asking price.

single family homes

You can find the rest of the Sotheby’s Canada Top-Tier Report here.

Leave a Reply

Your email address will not be published. Required fields are marked *