Canadian Luxury Residences Enjoyed Strong First-Half 2012 Sales

Posted by Orb Staff on July 16, 2012 No Comments
Categories : Residential Mortgage

11991_canada Canadian Luxury Residences Enjoyed Strong First-Half 2012 Sales Sales of Canadian homes worth over C$1 million showed a steady upward trend in the first half of this year, with Toronto, Calgary and Montreal all reporting double-digit growth, according to new data compiled by Sotheby's International Realty Canada.

The Greater Toronto Area (GTA) led the country with a 29% increase in sales, generating 3,113 transactions of million-dollar-plus properties, compared to 2,405 in the first half of 2011. The inventory of listings in the GTA also rose 31% from 6,193 homes listed over the C$1 million price point to 8,105 listings.

In Calgary, the first half of this year showed a 19% increase in the million-dollar-plus sales category, compared to the first half of 2011, while Montreal saw a 15% increase and Vancouver saw an 11% increase for the same period.

‘Given the transition occurring in international economies like Europe and Asia, the value and stability of luxury property in Canada has become an increasingly recommended asset,’ says Ross McCredie, CEO at Sotheby's International Realty Canada.

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