2014 is easily shaping up to be my busiest and best year ever and it there has been no slowdown whatsoever. The market continues strong with new listings, and there are a lot of Buyers out there who have not bought and are busy looking and making offers. Sotheby's just published their bi-annual Canada't Top Tier Real Estate Report, have a look.
This is the only Canadian report to provide commentary on high-end real estate by comparing data for residential properties with values over $1 million.
This report analyzes year-over-year data and key market variables for the first six months of 2014, offering insight into luxury sales trends of properties in Vancouver, Calgary, the Greater Toronto Area (GTA) and Montreal. The Top-Tier Real Estate Report compares sales volume, average days on market and percentage of homes sold over asking price for condominiums, attached homes and single family homes sold for $1-2 million, $2-4 million and over $4 million on MLS. The Top-Tier Real Estate Report also highlights recent luxury home sales in these major Canadian markets.
Canada’s high-end residential real estate market continued to make strides in the first half of 2014, with high-end home sales above the $1 million mark increasing in each of Canada’s four key metropolitan areas. Vancouver and the Greater Toronto Area (GTA) continued to lead in the sale of homes over $1 million, each experiencing sales gains of 34% over the same period in 2013 respectively.
Given strong economic fundamentals, increased consumer confidence and mortgage lending rates that remain at historical lows, all markets are expected to gain momentum in the latter part of 2014. International demand is also expected to remain strong across Canada’s major
metropolitan markets, with the removal of Canada’s Immigrant Investor Program having had no impact on the luxury real estate market year-to date.
National trends across Canada’s largest urban centres included:
- INCREASING NUMBER OF SINGLE FAMILY HOMES SELLING ABOVE LIST PRICE
- ATTACHED HOME MARKET CONTINUES TO STRENGTHEN
- LUXURY CONDO MARKET MAKES SIGNIFICANT GAIN
GREATER TORONTO AREA MARKET SUMMARY
In the first six months of 2014, the GTA (Durham, Halton, Peel, Toronto and York) emerged as a leader in top-tier residential real estate. Historically low interest rates, increased consumer confidence, population growth due to immigration and tight housing inventory have all contributed to increased activity. As a result, momentum from the latter half of 2013 continued, leading to increased sales across all categories, more multiple offers, fewer days on the market, and a growing number of homes selling above list price. The average price of a single family
home also rose to a record high of close to $1 million.
You can download the whole Top-Tier Real Estate Report here.