TORONTO’s real estate market was firing on all cylinders in 2014, with a 38% surge over 2013 in the sale of high-end houses and apartments. Sotheby’s International Realty Canada reports that TORONTO has even outstripped VANCOUVER at 25%, as well as MONTREAL at 21% and CALGARY at 16%.
Sotheby’s Canada president & CEO ROSS McCREDIE: “There are about 270,000 high-net-worth families in Canada and there are more of them driving this market than ever before, especially in the Greater Toronto Area (GTA).
“The real story, maybe more in the GTA than anywhere else in Canada, is that the baby boomer is largely driving this market right now. They have a lot of money, they are inheriting a lot of money and they are giving away a lot of money,” he said.
Within the GTA, sales of homes between $1-2-million were up 39%; sales of $2-4-million were up 38% over 2013; and $4-million-plus sales increased by 10%.