In Sotheby’s International Realty Canada’s latest Top-Tier Real Estate Report, 2012 activity reflects promising momentum in luxury residential real estate in the country’s largest urban centres.
Several Canadian markets finished 2012 with stronger than anticipated growth over 2011. Toronto, Calgary and Montreal all ended 2012 with positive year-over-year sales growth in homes over $1 million. In the latter half of 2012, in light of the Canadian government’s introduction of tighter mortgage rules to promote the long-term stability of the housing and mortgage market, several markets including Vancouver experienced a controlled softening much like conventional real estate.
The bi-annual report, compiled by Sotheby’s International Realty Canada, examines the number of million dollar-plus residential properties sold from January 1, 2011 to December 31, 2012. The report also highlights new data for the second half of 2012 (July 1 to December 31, 2012) in Vancouver, Calgary, Toronto and Montreal. The report compares the sales volume, number of days on market, inventory of listings and percentage of homes sold over the asking price and is the only Canadian report to provide true luxury market commentary by comparing data for residential properties with values of over $1 million*.
*The information contained in this report references market data from MLS boards across Canada. Sotheby’s International Realty Canada cautions that MLS market data can be useful in establishing trends over time, but does not indicate actual prices in widely divergent neighborhoods or account for price differentials within local markets. This report is published for general information only and not to be relied upon in any way. Although high standards have been used in the preparation of the information and analysis presented in this report, no responsibility or liability whatsoever can be accepted by Sotheby’s International Realty Canada or Sotheby’s International Realty Affiliates for any loss or damage resultant from any use of, reliance on or reference to the contents of this document.