Luxury condos market bucks slowdown trend

by Steve Randall11 Jan 2018
 
Despite the cooling of some housing markets last year, the luxury condo sector was growing.

Sotheby’s International Realty Canada says that sales of condos with a price tag of $1 million or more jumped 59% in Toronto (1,296) , 49% in Montreal (122) and 27% in Vancouver (1,285).

“Underlying changes in housing supply, demographic trends and consumer expectations ignited unprecedented performance in the top-tier condominium and attached home segments of Toronto, Vancouver and Montreal,” says Brad Henderson, President and CEO of Sotheby’s International Realty Canada. “Overall, Canada’s metropolitan top-tier real estate markets remained bastions of stability, in spite of intervention.”

In the $4 million+ sector, there was a 91% gain in Toronto (21 units) including a penthouse around Bloor Street with views of downtown Toronto and Lake Ontario which sold for an eye watering $20 million.