Luxury real estate sales have increased across the country in the first two months of the year but larger markets like Toronto are seeing less activity as some buyers look elsewhere amid steep prices, a new report has found.
While the GTA saw a 14 per cent increase year-over-year in luxury sales, the region is lagging significantly behind markets like Calgary, Montreal and Saskatoon, which all saw an increase of more than 50 per cent, a RE/MAX report on luxury home sales reported on Tuesday.
“There seems to be a kind if stalemate between luxury sellers and luxury buyers,” Alexander said. “My agents are telling me that there’s a lot of lowballs happing from prospective buyers but sellers are desperate to hold onto their property hoping the market returns.”Alexander added that tax implications in larger cities are also weighing down the market.
Activity remained slow in homes priced between $3 million and $4 million in Toronto with some communities, including Leaside and the Beaches with only three and four listings, respectively. Ottawa is the only region in the report that saw a decline in luxury sales from a year ago. Alexander said that RE/MAX agents have reported that it could be due to the upcoming federal election.
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