Jan 07, 2016
By Michael Kramer
Sales of luxury homes worth a million dollars or more – ballooned in Toronto and Vancouver last year – as our lower loonie accelerated demand from foreign buyers.
Sotheby’s just-released International Realty Canada Report says sales of luxury homes in the Greater Toronto Area surged 48 percent in 2015.
In Vancouver, there were 46 percent more homes over the million dollar mark selling last year – compared with 2014.
And Sotheby’s says homes worth more than 4 million saw a sales increase of 71 percent in Toronto – and 67 percent in Vancouver.
But on the downside, Calgary’s high-end housing market dropped last year by 41 percent – because of the downturn in the oilpatch.