Luxury home sales stay on record pace
July 22, 2022
Sotheby’s luxury home
According to Sotheby’s International Realty Canada’s new Top-Tier Real Estate: Mid-Year Report, to be released July 20, 2022, residential sales in Canada’s largest luxury real estate market stumbled but stayed on a record pace in the first half of 2022.
Greater Toronto Area (GTA) residential real estate sales over $4 million were up 7 per cent year-over-year from previous records set in the first half of 2021. Sixteen properties sold over $10 million, one more than the record number of ultra-luxury properties sold above this price point in the first half of 2021. Four million dollar-plus condominium and attached home sales posted annual gains of 13 per cent and 100 per cent in the first half of 2022, surpassing previous record activity in the first six months of 2021; single family home sales over $4 million were up a modest 1 per cent
Overall, residential sales over $1 million – close to the benchmark sale price –were down 10 per cent in the GTA in the first half of 2022.
How other luxury markets fared: