The GTA high-end real estate market is roaring along, with sales of properties over $1 million up 34 per cent in the first half of 2014 over a year earlier, matching gains in the country’s priciest market, Vancouver, according to a new report by Sotheby’s International.
The biggest jump, surprisingly enough, was in the sale of $1 million-plus condos which skyrocketed by 53 per cent to the end of June over the same period of 2013 — gains beyond those seen in Vancouver, Calgary or Montreal, notes the Top-Tier Real Estate Report released Tuesday.
“Despite fears of oversupply, demand for luxury condominiums remained high,” says the twice yearly state of the high-end market report by the high-end real estate company.
Sotheby’s realtor Paul Maranger said he’s seen a surge just since this year’s brutal winter in baby boomers looking for spacious but low-maintenance luxury condos, ideally with two parking spots, which can be tougher to find.
Many of these buyers already have second homes in sun destinations or cottage country that are great draws for family get-togethers, but are looking to simplify their lives and cash out on their pricey homes.
Even the GTA’s highest priced condo apartment and townhouses, those over $4 million, saw sales double, the report notes.