GTA Leads In Luxury Home Sales

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    Building on momentum from 2014, the Greater Toronto Area (GTA), ON, led the country in residential sales over $1 million (condominiums, attached, and single family homes), followed by Vancouver, BC, says a report by Sotheby’s International Realty Canada. Montreal, QC, saw a modest increase in $1 million-plus market, while the Calgary, AB, market contracted after several years of sustained growth. Sales over $1 million in the GTA increased 56 per cent year-over-year in the first half of 2015, while Vancouver data revealed 48 per cent gains in sales volume during the same period. Tightening inventory combined with heightened demand contributed to a greater proportion of properties sold above list price in both markets.