Vancouver & Toronto will continue this spring in leading sales of luxury homes in both average price and quantity.

Published April 5, 2016 by Real Estate Leads

The GTA will most likely lead the market for dwellings over $1 million; as sales gather even more momentum and prices continue to rise. Good growth is also expected in Vancouver especially in Vancouver’s top-tier residential market. Increases in sales of homes priced over $4 million are expected. We expect both markets have good potential for significant gains and heightened demand and insufficient inventory to drive price escalation; and seller’s market conditions are expected to stay.

Canada’s weak dollar has made real estate more attractive to domestic & foreign buyers. Other market fundamentals have and will continue to have positive impact on market for dwellings of more than $1 million across Canada this spring.

In Alberta’s largest city, Calgary, continued economic instability due to trouble in the oilfields will keep increasing the number of homes available; further contributing to a decline in prices in markets for top-tier residences and for more typical homes.

Steady economic growth indicators in Quebec have enabled a balance in the Montreal market. Sales numbers of top-tier detached single-family homes, attached homes & condominiums are anticipated to be comparable to 2015’s levels.

In Vancouver, the first 2 months of this year saw sales of homes valued at more than $1 million increase 23% yearly to 770 units, of which 560 were single-family home sales – a 17% increase.

While the GTA remains attractive for foreign investors & immigrants; local demand will remain the main market driver. The Toronto market has seen a 62.5% increase in home sales topping $1 million; up to 1,650 units. 1,487 were single-family homes.

In comparison, the home sales of $1 million or more went up 23% in Montreal; 80 units in the first two months of the year. That’s a similar number as in Calgary, equivalent to a 1% decrease comparatively to 2015.


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