Compare Listings

Luxury Home Sales on the Rise in GTA

Luxury Home Sales on the Rise in GTA

The Greater Toronto Area’s real estate market has been a little turbulent this year. A number of factors have slowed home sales such as the increased interest rates, tighter mortgage restrictions, and high prices. The market has bounced back though, with luxury home sales growing significantly this summer.

 

A recent report by Sotheby’s International Realty Canada found that luxury home sales have increased in the GTA by 19% this summer. Luxury home sales are defined by any home over $1 million. Sales grew by 34% for homes priced at over $4 million.

 

Sotheby’s present and CEO, Brand Henderson, expects the trend to continue into fall. “We expect the market is going to continue to get stronger. After we turn the clock to 2019 you’re going to see year-over-year comparisons continuing to be very strong,”

 

TREB’s data also shows home sales and prices growing. They’ve reported that there were year-over-year price increases of almost 5% across all home categories in July and August. It is not just detached homes either. High-priced condos also saw sales gains this summer. Condos over $1 million in the GTA area saw a 28% rise in sales.

 

Richmond Hill remains to be one of the GTA’s hottest real estate markets. If you need help buying or selling your Richmond Hill home contact us!

 

img

Derek Li Group

Related posts

Everything You Need to Know About Closing Costs

There are lots of costs to buying a home, and one that many new buyers don’t often think about...

Continue reading
by Derek Li Group

How to Protect Your Basement From Flooding

The warmth may have finally arrived in the GTA, but so has the rain. With heavy rain comes the risk...

Continue reading
by Derek Li Group

May 2019 GTA Real Estate Market Report Summary

  Summer is arriving and Toronto’s real estate market is heating up! Sales across the...

Continue reading
by Derek Li Group

Join The Discussion