According to a report in the Toronto Star, luxury home sales in Toronto (homes or condos selling for over $1 million) grew by 38 per cent in 2014 compared to 2013 thanks to a shortage of listings that pushed home prices upwards.
There were 7,527 detached homes, semi-detached homes, townhomes and condos that sold for over $1 million in the GTA alone during the year.
According to Sotheby’s Canada, “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 GTA. We don’t see any black clouds on the horizon, except maybe in Alberta. And that’s going to be a question of consumer confidence.”
The number of homes in the GTA that sold for between $1 million and $2 million increased by 29 per cent, and the sales of $4 million-plus homes were up 10 per cent over last year.