Attached is the Top Tier Market report that has been compiled by Sotheby’s International Realty Canada in the major Canadian markets where our brand is located. The report highlights significant growth in the sale of $4 million+ real estate in the GTA and Vancouver during the first half of 2016. The GTA and Vancouver lead Canada’s $1 million+ real estate as a whole.
Here are the most important numbers for Toronto:
- The GTA had a 65 per cent year-over-year increase in sales volume in the first half of the year compared to one year prior, with 10,172 units (condominiums, attached and single family homes) sold.
- Luxury real estate over $4 million saw the greatest gains in sales volume of the price categories surveyed, increasing 81 per cent year-over-year.
- Detached single family home sales comprised the most significant percentage of $1 million-plus sales in the GTA and saw the greatest year-over-year percentage gains for this housing type across the country, rising 66 per cent to 9,132 units sold in the first half of 2016.
- Attached home sales over $1 million experienced a 73 per cent jump, while condominium sales grew 36 per cent.
- Within the GTA, the city of Toronto represented the most significant percentage of real estate sales over $1 million, with 4,165 units sold across all property categories in the region in the first half of 2016, a 35 per cent gain over the same period in 2015.
For those waiting or almost hoping for a “Bubble” to burst, indicators are, that barring government intervention like we saw in Vancouver, the GTA will continue to have a significant market in the upper end. Remember that Toronto and GTA are more of a “Head Office City” than other locations in Canada.
The economy seems to be strong with lower interest rates, and a Liberal Federal Government that will probably be easier on immigration than the past Conservatives and all three levels, City, Province and the Federal have taken on the mantra of building better and new infrastructure which will make the Greater Toronto Area (GTA) more attractive.
In the near future, we will need more options for a greater number of people and that means higher density. That is the frustration of any major city in the world. Without higher density we cannot afford the services that we require and pricing will continue to rise.
Download the Report HERE.