Photo: James Paolo/Flickr
Last year, the amount of GTA home buyers who bought real estate with a price tag of $1 million or more increased at a rate of 38 per cent compared to 2013. Though sales gains were seen across the country, Sotheby’s International Realty Canada reports the GTA’s jump was the highest, beating out Vancouver, Calgary, and Montreal.
The real estate company’s top-tier residential real estate report for 2014 noted that a lack of inventory in the GTA was responsible for pushing up sales figures. The Toronto Real Estate Board pointed out the same issue in their 2014 analysis of the GTA market at large.
Altogether, 7,527 homes with price tags of $1 million or more were sold. Sales of high-end condos measured a 46 per cent increase. Not only did condos lead sales of all property types in the GTA, the big gain also outpaced luxury condo sales growth seen in the other metros studied. In Vancouver, condo sales rose 38 per cent, also higher than any other property type in the city, while Montreal measured a 4 per cent increase and Calgary counted 22 per cent fewer high-end suite sales, largely due to a lack of inventory.
Every property type in Toronto recorded gains with attached homes following the condo sales success with a 39 per cent boost, while detached houses recorded a 37 per cent sales increase.
As far as prices are concerned, 330 of the 394 luxury condo sales in the GTA were between $1 million and $2 million. The bulk of attached home sales – 394 out of 428 – were likewise for properties priced between $1 million and $2 million.
For detached single family houses, the price ranges were more varied: 5,626 sales were between $1 million and $2 million, 996 were between $2 million and $4 million and 83 were priced $4 million or more.
“We expect the market to remain strong in the GTA and Vancouver well into 2015, and for demand to outweigh available inventory, especially when it comes to detached single family homes,” said Sotheby’s International Realty Canada President and CEO, Ross McCredie.
Check out how the rest of the other big cities fared here.