TORONTO – Sales of homes worth over $1 million increased in four major Canadian markets last year, according to a report released by Sotheby’s International Realty.
The Toronto area saw year-over-year sales growth of 38 per cent, while sales of Vancouver’s high-end homes rose by 25 per cent from the previous year.
The report said growing demand and limited supply reduced the number of days that homes stayed on the market and increased the number sold over the asking price.
Sales grew by a more modest 16 per cent in Calgary and 21 per cent in Montreal, according to the study.
That trend is expected to continue into 2015, with demand to outstrip supply in the Greater Toronto Area and in Vancouver.
Meanwhile, the high-end real estate markets in Montreal and Calgary are expected to be balanced, according to the Sotheby’s analysis.