Condominium Sales Dominate Canadian Luxury Real Estate Market as Post-Pandemic R… – Press Release

2022 First Quarter Highlights

  • Rising inflation and favourable interest rates continue to strengthen demand for Canadian real estate as a hedge investment.
  • Greater Toronto Area luxury residential sales over $4 million rose 30% year-over-year, as City of Toronto $4 million-plus transactions climbed 29%. Condominium sales gains dominated the $1 million-plus market, with annual gains of 120% and 72% in the GTA and City of Toronto respectively.
  • Vancouver luxury residential sales were capped by the city’s significant inventory deficit, as residential sales over $4 million contracted 14% year-over-year overall. Annual percentage gains in $1 million-plus condominium sales surpassed other top-tier housing types at 29% with 559 units sold, just shy of the 599 $1 million-plus single family homes sold in the city.
  • Calgary posted annual gains of 82% in residential sales over $1 million as buoyant consumer optimism and improving economic performance drove new demand and a sellers’ market.
  • Montreal sales over $4 million were up 140% year-over-year; approximately one in three $1 million-plus sales were in the luxury condo market.

TORONTO , April 13, 2022 (GLOBE NEWSWIRE) — Against a backdrop of global turbulence, Canada’s luxury real estate market stood as a bulwark of strength in the first quarter of 2022. While scarce inventory continued to undermine prospective sales, the continued upswell of consumer optimism, economic revitalization, demand for housing mobility, and renewal of urban life bolstered top-tier sales across all major metropolitan areas in the initial months of the year, particularly in the market for condominiums over $1 million.

According to Sotheby’s International Realty Canada‘s Top-Tier Real Estate: Spring 2022 State of Luxury Report, residential sales in Canada’s largest luxury real estate market continued to climb in the first quarter of 2022, following record-breaking performance in 2021. The robust performance of the Greater Toronto Area (Durham, Halton,…