Toronto sees 46 per cent increase in $1 million condo sales
There was a 46 per cent rise in the number of condos selling for $1 million or more in the Greater Toronto Area last year. A new report from Sotheby’s shows that sales of all homes above $1 million increased by 38 per cent to 7,527. The realty firm says that the kind of bidding wars more commonly seen for detached houses are becoming more frequent for luxury condos. Toronto is becoming more popular with foreign investors as prices are still lower than Vancouver, which saw a 25 per cent increase in luxury sales last year, and downsizing baby boomers are also driving GTA sales the report says. Elsewhere Montreal’s higher value home sales increased 21 per cent and Calgary saw a rise of 16 per cent.