Property listed by Sotheby’s Realty in Toronto
The Greater Toronto Area saw the sharpest growth in luxury real estate among the major metropolitan Canadian market in 2016, with sales of homes at $1 million or more rising 77 percent.
According to Sotheby?s International Realty Canada?s ?2016 Year End Top-Tier Real Estate Report,? for the second year in a row, Toronto had the greatest sales gains of the four metropolitan markets studied. All of the cities in Sotheby?s report performed well despite challenges such as Brexit and national policy implementations, as local conditions lessened the effects of broader changes.
Sotheby?s International Realty Canada?s report looks at condominiums, attached and single family homes sold for at least $1 million. Toronto on top

In the Toronto area, sales of homes priced at more than $1 million reached 19,692, up from 11,112 in 2015. In comparison, from 2014 to 2015, this total grew 48 percent.
The growth was even steeper in homes that sold for at least $4 million, with a 95 percent growth year-over-year.
Toronto and its surrounding suburbs have demand that outweighs supply, helping to drive high-priced sales with properties receiving multiple offers. Most interest came from local buyers, but foreign interest, particularly from Chinese consumers, came in second.
Vancouver, on the other hand, started off 2016 with the number of $1 million-plus sales increasing 26 percent over 2015?s numbers in the first six months, but policies pu...