March 13, 2018 11:03 am

Luxury home sales fell by 60 per cent in the GTA, Oakville and Hamilton: RE/MAX

A sign advertises a new home for sale in Carleton Place, Ont., on March 17, 2015.

THE CANADIAN PRESS/Sean Kilpatrick
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TORONTO – Luxury home sales in the Greater Toronto Area, Oakville and Hamilton-Burlington have fallen by almost 60 per cent year-over-year, according to a RE/MAX report.

The real estate company says 76 freehold and condominium properties in the GTA sold for more than $3 million between Jan. 1 and Feb. 28, down from 180 sales during the same period last year.

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READ MORE: Canadian home sales drop 14.5% from December to January as new mortgage rules kick in

In Oakville, six homes in the same price range sold early this year, in comparison to 15 a year ago.

Homes priced above $1 million in Hamilton-Burlington saw a 55 per cent drop to 59 homes sold at the start of the year from 133 in 2017.

READ MORE: Toronto-area home sales down 35 per cent from February 2017: TREB

Though RE/MAX says the luxury market’s record-breaking pace from last year has slowed, it is still expecting plenty of activity this year.

Already RE/MAX says it has seen increases in luxury home sales in the GTA’s Kingsway/Princess Anne Manor and Rosedale neighbourhoods, where 10 homes have sold so far this year, including the most expensive one for $8.4 million.

© 2018 The Canadian Press

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