{"id":3381,"date":"2016-09-17T11:11:49","date_gmt":"2016-09-17T18:11:49","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=3381"},"modified":"2016-09-15T11:33:27","modified_gmt":"2016-09-15T18:33:27","slug":"toronto-vancouver-luxury-real-estate-markets-to-see-clear-divergence-this-fall","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/09\/toronto-vancouver-luxury-real-estate-markets-to-see-clear-divergence-this-fall\/","title":{"rendered":"Toronto &#038; Vancouver Luxury Real Estate Markets to See \u201cClear Divergence\u201d This Fall"},"content":{"rendered":"<p style=\"text-align: justify;\">Toronto led Canada in sales of homes over $1 million in the first half of 2016, and according to Sotheby\u2019s International Realty Canada, it will continue to do so in the fall. But on the other side of the country in Vancouver, sales of homes in that price range are expected to moderate.<\/p>\n<p style=\"text-align: justify;\">In a September 14th press release, the brokerage explains that Toronto and Vancouver both experienced large year-over-year increases in $1-million-plus home sales in the first six months of the year \u2014 35 and 26 percent, respectively. However, during the summer months sales of homes above $1 million were markedly different in the two cities.<\/p>\n<p style=\"text-align: justify;\">Notably, sales of single-family homes over $1 million in Toronto rose 55% year-over-year in July and August, while sales of condos over $1 million jumped 86%. Meanwhile, in Vancouver, sales of $1-million-plus single-family homes fell 30% in July and 65% in August. And though Vancouver sales of condos above $1 million jumped 29% in July, they dropped 49% the next month.<\/p>\n<p style=\"text-align: justify;\">Sotheby\u2019s expects that divergence to continue, and believes Metro Vancouver\u2019s recently introduced 15% foreign buyers tax will be behind it. Although the firm notes that it\u2019s too early to guess what the tax\u2019s long-term impact on Vancouver\u2019s luxury homes market will be, it does see it \u201cmoderat[ing] sales activity and velocity in the fall.\u201d Sotheby\u2019s also believes that it may redirect international investors\u2019 interest to Toronto during that time, though \u201cstrong local market fundamentals and consumer confidence\u201d will also drive luxury home sales in that city.<\/p>\n<p style=\"text-align: justify;\">Those predictions echo other recent comments about the overall Toronto and Vancouver housing markets. TD economists recently said that the two markets \u201care likely to head into 2017 on different trajectories\u201d \u2014 Toronto up and Vancouver flat \u2014 and a senior BMO economist has suggested that Toronto could soon be Canadian real estate\u2019s \u201cunquestioned leader.\u201d<\/p>\n<p style=\"text-align: justify;\">Canada\u2019s two other top markets for $1-million-plus home sales are Montreal and Calgary, and heading into the fall Sotheby\u2019s anticipates subdued activity in those cities. It sees modest, healthy growth being sustained in Montreal, while further price declines are expected in Calgary, despite earlier predictions.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2016\/09\/toronto-vancouver-luxury-real-estate-markets-divergence.html\" target=\"_blank\">Toronto &amp; Vancouver Luxury Real Estate Markets to See \u201cClear Divergence\u201d This Fall <\/a>by Charlotte McLeod | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Toronto led Canada in sales of homes over $1 million in the first half of 2016, and according to Sotheby\u2019s International Realty Canada, it will continue to do so in &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/09\/toronto-vancouver-luxury-real-estate-markets-to-see-clear-divergence-this-fall\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-3381","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Toronto &amp; 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