Luxury home sales stay on record pace

Luxury home sales stay on record pace

July 22, 2022

Sotheby’s luxury home

According to Sotheby’s International Realty Canada’s new Top-Tier Real Estate: Mid-Year Report, to be released July 20, 2022, residential sales in Canada’s largest luxury real estate market stumbled but stayed on a record pace in the first half of 2022.
Greater Toronto Area (GTA) residential real estate sales over $4 million were up 7 per cent year-over-year from previous records set in the first half of 2021. Sixteen properties sold over $10 million, one more than the record number of ultra-luxury properties sold above this price point in the first half of 2021. Four million dollar-plus condominium and attached home sales posted annual gains of 13 per cent and 100 per cent in the first half of 2022, surpassing previous record activity in the first six months of 2021; single family home sales over $4 million were up a modest 1 per cent
Overall, residential sales over $1 million – close to the benchmark sale price –were down 10 per cent in the GTA in the first half of 2022.

How other luxury markets fared:

Calgary led Canada’s major metropolitan markets in percentage sales gains across the $1 million-plus residential market. Overall activity rose 40 per cent year-over-year as $1 million-plus single-family home, attached home and condominium sales posted annual gains of 36 per cent, 85 per cent and 89 per cent, respectively.
Montreal sales over $4 million remained strong as sales increased 71 per cent year-over-year in the first half of 2022, while $1 million-plus sales were on par with historic highs set in the first half of 2021 with a nominal 1 per cent contraction.
Vancouver saw a sharp shift in luxury consumer sentiment in the second quarter of 2022 and transitioned from a fevered sellers’ market to one that is more balanced. Overall, $4 million-plus sales fell 18 per cent year-over-year in the first half of 2022. However, condominium sales over $1 million and $4 million were up 20 per cent and 32 per cent, year-over-year, Sotheby’s reports.