Toronto and Vancouver will continue to lead luxury home sales in Canada this spring in both volume and price, and mostly for the same reasons they dominated last year, says a new report released Wednesday.
This four-bedroom, five-bathroom waterfront mansion in West Vancouver, B.C. features stunning ocean views and a private seaside swimming pool. 6955 Isleview Rd. was listed for a cool $15.8-million before it sold in February 2016. (Photos: Royal LePage Sussex/Jason Soprovich).
Sotheby’s International Realty Canada cites macro-economic trends including limited inventory and strong demand from both domestic and international buyers in making its prediction.
The realtor says the Greater Toronto Area will lead the $1-million-plus residential real estate market, with continued sales gains and price escalation. Notable growth is also expected in Vancouver, especially its top-tier residential market, with increases anticipated in the $4-million-plus category.
“Luxury home sales in Toronto and Vancouver will continue to defy gravity this spring,” Brad Henderson, president and CEO of Sotheby’s International Realty Canada, said in a statement.
“Both markets have the potential for significant gains and we expect heightened demand and insufficient inventory to drive price escalation and sellers’ market conditions.”
The report said steady economic growth indicators in Quebec have contributed to market balance in Montreal, where sales of top-ti...