The market for the biggest and best homes in Canada is improving, according to Sotheby’s latest Top Tier Real Estate Report.
Sales for homes worth more than $1 million in the first six months of 2013, compared with the last six months of 2012, were up:
- 65% in Vancouver;
- 67% in Calgary;
- 61% in Toronto; and
- 29% in Montreal.
However, most major Canadian cities showed a decline when comparing the first six months of 2013 with the first six months of 2012. Sales were down 2% in Vancouver, down 5% in Toronto and down 6% in Montreal, but up 10% in Calgary.
Tighter mortgage lending rules, introduced in 2012, had a more marked effect on the Vancouver market than in other cities, said the report.
It added that Vancouver luxury homes are not sitting on the market for as long as they did in 2012.
