Homes sales fall in Canadian markets, but high-end sales rise
Home sales in Toronto and Vancouver saw a steep year-on-year decline in June.
Toronto sales fell 13% at 3,520, down from 4,053 in June 2011. In the Greater Toronto Area, which includes surrounding cities and towns, sales dropped 5.4% to 9,422 from 9,959, the Toronto Real Estate Board revealed on Thursday.
More dramatically, Greater Vancouver (Canada's most expensive real estate market) saw sales hit a 10-year low, with a 27% fall year-on-year. Sales totaled 2,363 in June, down from 3,262 a year earlier. The data was released on Wednesday by the Real Estate Board of Greater Vancouver.
However, Canadian home sales over $1 million showed an upward trend in the first half of 2012, according to a report issued by Sotheby's International Realty Canada. Toronto, Calgary and Montreal all experienced double digit sales growth in high-end homes (over $1 million).
The report, issued on Monday, cited Toronto as having the largest growth in high-end real estate, with a 29% increase in sales.
According to Sotheby's International Realty Canada CEO, Ross McCredie, "Given the transition occurring in international economies like Europe and Asia, the value and stability of luxury property in Canada has become an increasingly recommended asset."