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!