Toronto has the hottest luxury real estate market in Canada, according to a report released today by Sotheby’s International Realty.
The report found that the residential real estate sales in the GTA continued to beat records in the first half of 2017, making the region the national leader in top-tier real estate sales for three years in a row.
According to the report, 14, 292 properties over $1 million sold in the GTA during the first half of 2017. This is a 41% increase from the same period in 2016.
Property sales over $4 million saw a 93% increase in sales as 258 units were purchased in the GTA.
In Toronto specifically, the sale of top-tier real estate saw a significant increase during the first six months of 2017. Property sales over $1 million went up by 25% and sales over $4 million saw an 84% increase as 189 units purchased.
Despite luxury sales surging in the first few months of 2017, the market did cool down with the introduction of the Ontario Fair Housing Plan, which implemented a 15% tax on home purchases by non-resident foreigners.
“New market dynamics emerged in metropolitan luxury real estate markets across Canada in the first half of 2017,” said Brad Henderson, president and CEO of Sotheby’s International Realty Canada, in a release.
According to Henderson, $1 million-plus real estate sales in GTA will stabilize in the third quarter of 2017, as a continued result of the foreign buyers’ tax.