Million-dollar home sales double in GTA
April 1, 2021
Sotheby’s International Realty Canada reports Greater Toronto Area (GTA) residential real estate sales over $1 million more than doubled in the first two months of the year—soaring 107 per cent year-over-year in January and February while luxury sales over $4 million surged 75 per cent.
Big gains were experienced across every housing type despite limited inventory, as $1 million-plus condominium, attached home and single-family house sales climbed in the GTA.
Luxury condominium and single-family home sales also rose significantly: six condominiums sold for more than $4 million in the first two months of the year compared to one during the same period in 2019; single family home sales over $4 million climbed 71 per cent. Preliminary sales data for the first fifteen days of March also underscored the GTA’s strong foundation, as overall $1 million-plus and $4 million-plus sales increased 94 per cent and 56 per cent respectively, the survey found.
Top-tier real estate sales over $1 million in Montreal rose 68 per cent year-over-year in the first two months of 2020, while sales over $4 million rose 50 per cent, Sotheby’s said. The upswing in activity was experienced across all housing types. In the first 15 days of March, sales over $1 million increased 15 per cent from the same period in 2019.
Vancouver’s luxury market rebounded in the first two months of the year. This resulted in an overall 80 per cent increase in residential sales over $1 million in January and February, while luxury sales over $4 million surged 78 per cent.
The benchmark price of a detached house in Greater Vancouver is now $1.6 million, so the real news would be a house selling for less than $1 million.
In Calgary, sales of homes for more than $1 million contracted 8 per cent year-over-year in the first two months of 2020. In the first two weeks of March, Calgary experienced a 5 per cent year-over-year uptick in sales over $1 million, but Sotheby’s noted, “the city remains vulnerable to broader forces shadowing the market”, a reference to falling oil prices and effects of the pandemic.