Top Tier Report for Homes over $1 Million in Canada

Greater Toronto Area (GTA)
In 2014, top-tier residential real estate in the GTA (Durham, Halton, Peel, Toronto and Austin_TexasYork) posted the strongest activity of Canada’s largest metropolitan markets. Tightening inventory of desirable homes over $1 million amplified robust consumer demand and overall economic and market confidence, contributing to an increased pace in sales over the year. Overall, a total of 7,527 homes (condominiums, attached and single family) over $1 million were sold across the GTA, representing a year-over-year increase of 38% when compared to 2013. The sale of detached single family homes over $1 million continued to trend upward throughout 2014, increasing 37% year-over-year, the greatest percentage increase of Canada’s four largest urban centres. As in 2013, condominium sales in the region’s $1 million-plus market also saw the greatest gains of the four urban centres in 2014 with a 46% increase in units sold over the previous year. Meanwhile, top-tier attached home sales in the same price range increased 39% as homebuyers priced out of the detached home market sought alternatives.

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