Sales of luxury homes will likely gain momentum in the fall, fuelled by demand from international investors, according to a new report from real estate sales and marketing company Sotheby’s International Realty Canada.
The company said Tuesday that sales of high-end homes worth at least $1 million were up in major Canadian urban markets in the first half of the year compared with the second half of 2012.
Sales were up 65% in Vancouver, 67% in Calgary, 61% in Toronto and 29% in Montreal.
The real estate company says buyers from China, Russia, the Middle East, India and the US are expected to continue to fuel demand for luxury homes this fall.
The report also notes that the high-end condo market in the Greater Toronto Area has rebounded after a slower start to the year – a trend that is expected to continue into the fall.