Sotheby’s International Realty Canada’s Top-Tier Real Estate Report is a bi-annual study highlighting market trends for the most expensive homes in Canada’s largest urban centres. It 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 throughout 2013 and 2014, offering insight into sales trends of properties over $1 million 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 home sales in a sampling of luxury neighbourhoods within each of these major Canadian markets.
The sale of residential real estate over $1 million in Canada’s four major metropolitan markets remained strong in 2014. Building on momentum during the first half of the year, sales in the latter six months continued to trend upward, particularly in the Greater Toronto Area (GTA) and Vancouver, which saw some of the most significant gains in 2014.
The GTA ended 2014 on a strong note with 38% year-over-year growth in sales volume (condominiums, attached and single family) and increased sales activity across all residential property types, the only major urban centre with gains of this scale and scope. The Vancouver market also performed well with 25% growth in sales over $1 million over the past year. Heightened demand and tight inventory contributed to declines in the number of days on market and notable increases in the percentage of homes sold over asking price in both markets.