Sales of condominiums over $1 million dominated the luxury real estate market in the first quarter of 2022
, and Toronto, Vancouver, Montreal and Calgary all saw gains, Sotheby’s International Realty Canada’s latest State of Luxury Report shows. Sales of such condos were up 120 per cent in Toronto and 72 per cent in the Greater Toronto Area. In Vancouver, sales rose 29 per cent. Montreal saw a 73 per cent gain and Calgary’s $1-million plus condo sales also grew, from two last year to seven this year.
“Across Canada’s major metropolitan areas, we have seen extraordinary sales activity and consumer demand in the luxury condominium market this year, leaving no doubt that consumer and investor confidence in the downtown market has been fully restored,” Don Kottick, chief executive of Sotheby’s, said in a release.“Prospective buyers across generations sought the convenience, safety and increasing opulent lifestyle offered by condo living in the city,” the report said.
Indeed, Sotheby’s expects the quarter’s hot sales to carry into the traditionally busy spring market. The country’s safe real estate makes residential property an attractive investment for the wealthy, it said. Further, low supply in many parts of the country should also impact some markets, sparking the bidding wars and increased competition that were the hallmarks of Toronto and Vancouver. That, in turn, points to continued price gains in those regions.
In Toronto and surrounding areas, sales of $1-million-plus homes were up 11 per cent. For homes priced above $4 million, sales climbed 30 per cent.Article content