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.