Luxury sales down in formerly hot housing markets, but up in Montreal

Luxury sales down in formerly hot housing markets, but up in Montreal
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TORONTO — Sotheby’s International Realty Canada says luxury home sales fell in three of Canada’s major cities over the first couple months of the year, but rose in Montreal, which is set to break records in 2019.

The real estate brand says Vancouver saw continued buyer’s market conditions in the first two months of the year with 52 per cent fewer residential properties sold over $1 million than during the same time in 2018.

The city’s condominium market experienced the greatest decline in sales activity of properties over $1 million with 86 units sold in the first two months of the year — down 66 per cent from 254 units sold in January and February 2018.

In the Greater Toronto Area, the country’s other formerly hot housing market, luxury sales dipped two per cent year-over-year.

In Calgary, sales over $1 million in January and February this year fell 33 per cent from the same time last year.

Montreal stops the downward trends with sales of luxury properties rising six per cent year-over-year for January and February.

The Canadian Press



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