GTA High-end Real Estate Market To Remain Hot

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    The Greater Toronto Area in Ontario will lead Canada’s high-end real estate market this spring, says Sotheby’s International Realty Canada. Positive gains are also anticipated for the Vancouver, BC, market, while Montreal, QC, is expected to maintain balance. Continued uncertainty in the Calgary, AB, economy is expected to temper sales throughout the spring, with the degree of long-term impact to be determined. Sotheby’s report says all major markets experienced year-over-year growth in sales over $1 million in 2014, with the GTA leading the country with a 38 per cent increase in sales volume over the year. Vancouver experienced 25 per cent growth in sales, while Montreal saw gains of 21 per cent, and Calgary had a more modest increase of 16 per cent year-over-year. It is anticipated that performance throughout the spring will follow a similar pattern with top-tier real estate sales across the GTA outpacing all other urban centres, while the Calgary market further contracts. Sotheby’s says historically low lending rates will be the driving force behind top-tier real estate sales across the country into mid-2015.