Luxury-home sales are booming in Toronto, tumbling in Vancouver

Canada’s luxury-home market has a split personality: East versus West.

Sales for $1 million or more in the Toronto region bounced back after a slowdown earlier this year, climbing 19 per cent in July and August from the same period in 2017, Sotheby’s International Realty Canada said Wednesday. The increase was even greater -- 34 per cent -- for a subset of transactions priced above $4 million.

Deals went the opposite way in Vancouver, a pricier market that’s still adjusting to new regulations, including a provincial foreign buyers tax and speculation tax, on top of the rising interest rates that affect the whole country. Sales for $1 million or more dropped 24 per cent, while in the $4 million-plus range, the decline was 33 per cent.


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