Toronto's real estate market might be in flux right now, but the market for luxury properties was still smashing records this year.
According to a new report from Sotheby's International Realty Canada, for the first half of 2017, 14,292 properties sold for over $1 million in the GTA. That's up 41 percent since last year. Sales over $4 million were up 93 percent since last year.
Condos, as Sotheby's notes, proved extremely popular.
Dream Home | Spectacular penthouse in the sky in sought-after #KingWest, #Toronto: https://t.co/eDUxZ5cYyW. #realestate #design #lifestyle http://pic.twitter.com/x4wxCXcdYl
— sothebysrealty.ca (@SothebysRltyCan) July 4, 2017
"With consumers seeking alternatives to limited single family home options, $1 million-plus condominium and attached home sales [townhouses] soared," said a news release.
In the GTA, condos sales over $1 million increased 98 percent year-over-year with 758 units sold. Condo sales over $4 million went up 150 percent (with 15 units sold).
While condo sales boomed, the biggest gains were still in detached homes in the first half of this year. Sales over $1 million were 1111 percent and 80 percent sold over asking.
by Staff via blogTO
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