Montreal luxury sales eclipse Vancouver
August 12, 2019
Vancouver, once the Canadian leader in luxury home sales, has been overtaken by Montreal this year, according to a mid-year report from Sotheby’s International Realty.
In the first six months of 2019, sales of homes priced at more than $1 million increased 5 per cent in Montreal, which also saw a 267 per cent increase in luxury homes priced at $4 million or more.
In Vancouver luxury property sales continued to drop due to the fallout from government intervention—including the 20 per cent foreign homebuyer tax and an aggressive speculation tax. The number of Vancouver homes sold for over $1 million fell 33 per cent, while homes sold for more than $4 million fell 34 per cent.
In the Greater Toronto Area, 12 per cent more properties sold for over $1 million in the first six months of 2019 than in the same period last year.