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.
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.
- Trudeau tight-lipped on potential U.S. TikTok ban as key bill passes
- Canadian man dies during Texas Ironman event. Her widow wants answers as to why
- Hundreds mourn 16-year-old Halifax homicide victim: ‘The youth are feeling it’
- On the ‘frontline’: Toronto-area residents hiring security firms to fight auto theft
Comments