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Canada’s Top City for Luxury Real Estate Sales Is…

Canada’s Top City for Luxury Real Estate Sales Is…

Sotheby’s International Realty Canada has released its biannual Top-Tier Real Estate Report, which examines luxury sales trends in Canada’s key urban centers. Toronto outpaced Vancouver to post the greatest gains in luxury real estate sales in the first half of 2015. The greater Toronto area led the country in residential sales over $1M with sales increasing 56% year-over-year, besting Vancouver’s 48% gains for the same period. Increased demand coupled with tightening inventory contributed to a greater number of properties being sold above list price. Montreal posted gains of 20% in the first half while Calgary decreased 36%, a result of uncertainty in the market and falling oil prices. Between Jan. 1 and June 30, 2015, over 6,000 properties over $1M were sold in the Greater Toronto Area. Vancouver remained strong in the period, with 2.4K of $1M properties sold. Montreal and Calgary both saw sales of less than 300 homes at the $1M threshold.