Though the year started off a little shaky, high-end home sales in Canada rebounded by the end of 2013, with many major cities seeing double-digit growth from the year before.
According to Sotheby’s International Realty Canada’s Top-Tier Real Estate Report, a bi-annual study of homes in big metros valued at $1 million-plus, Canada’s luxury real estate market exceeded expectations in the second half of the year.
“We expect to see continued growth in western Canada’s high-end housing market, specifically in attached and single family homes in Vancouver and Calgary. Entering 2014 we also anticipate Toronto maintaining its current upward sales trajectory,” said Sotheby’s International Realty Canada CEO, Ross McCredie, in the news release.
Here’s how the major Canadian metros fared in 2013:
- Calgary led the country and saw properties over $1 million grow by 33 per cent compared to 2012. Property sales over $1 million even set records in 10 of the 12 months of the year (Tweet this).
- Vancouver followed with a 19 per cent rise in sales, with the $4 million-plus price segment increasing by an astonishing 48% compared to the year before. In the last half of 2013, the detached home market barrelled forward and saw a 74 per cent increase in sales over $1 million compared to the same time last year (Tweet this).
- The GTA recorded a 13 per cent jump in high-end sales in 2013 with a resurgence in the last half of the year; attached homes saw the greatest pick-up with a 23 per cent leap in sales year-over-year (Tweet this).
- Montreal was the only large city to see luxury sales falter – they were down by 8 per cent in 2013. Million-dollar-plus condos and attached homes remained stable from last half of the year compared to the last half of 2012, increasing 3 per cent and 2 per cent respectively.