Sotheby’s International Realty Canada released a new report which reveals that GTA residential real estate sales in the over $1 million category experienced a strong growth over the summer of 2019. Sales in this category rose by 29 per cent year-over-year in July and August. In the condominiums over $1 million category, sales increased by 13 per cent, while semi and detached home sales rose by 45 per cent and 29 per cent respectively, compared to the same period in 2018. According to the early sale data for the first half of September 2019, where sales increased by 53 per cent year-over-year in the $1 million-plus category and 75 per cent in the over $4 million, we can expect a strong sales activity this Fall.
“Toronto has made bold strides over the summer months to take its place at the forefront of Canada’s top-tier real estate market this fall, as healthy job gains and fully restored consumer confidence spur steady gains,” says Don Kottick, President and CEO of Sotheby’s International Realty Canada.
The report predicts solid top-tier market performance to the end of 2019, thanks to Ontario’s continued economic growth—as projected by the Conference Board of Canada—and employment gains, healthy at 3.6%.