{"id":591,"date":"2016-01-13T09:27:06","date_gmt":"2016-01-13T17:27:06","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=591"},"modified":"2016-01-13T09:27:15","modified_gmt":"2016-01-13T17:27:15","slug":"the-homes-now-dominating-top-tier-markets","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/01\/the-homes-now-dominating-top-tier-markets\/","title":{"rendered":"The Homes Now Dominating Top-Tier Markets"},"content":{"rendered":"<p style=\"text-align: justify;\">While the $1 million home may have once reigned supreme, Sotheby Canada reports that $4 million-plus homes have since taken center stage \u2013 or at least they have in the country\u2019s pricy metro areas.<\/p>\n<p style=\"text-align: justify;\">The realtor found that $4 million-plus properties are in such high demand in Vancouver and the Greater Toronto Area (GTA), they now represent the fastest growing sector in both cities\u2019 housing markets.<\/p>\n<p style=\"text-align: justify;\">In particular, Vancouver experienced a 65% rise in sales of $4 million-plus detached single family homes in 2015, compared with a 45% increase in the $2-4 million bracket and 36% in the 1-2 million one, according to Sotheby\u2019s biannual Top Tier Real Estate Report.<\/p>\n<p style=\"text-align: justify;\">Similarly, the GTA saw sales of $4 million-plus detached single family homes jump by 67% in 2015, compared with a 42% spike in the $2-4 million range and a 49% increase in the $1-2 million one.<\/p>\n<p style=\"text-align: justify;\">Among all properties \u2013 condominiums, attached and single family residences \u2013 Vancouver saw sales of $4 million-plus homes rise by 67%, while Toronto saw a 71% increase.<\/p>\n<p style=\"text-align: justify;\">Sotheby\u2019s International Realty Canada credits a number of factors for the escalated demand of high-end properties, including low interest rates, sustained immigration and tightened supply in the luxury home markets. In addition, it believes that the weak Canadian dollar may be encouraging interest from foreign buyers.<\/p>\n<p style=\"text-align: justify;\">&#8220;We had a lot of buyers who were very eager to enter the market, and they were bidding on a limited number of homes, particularly in premier neighbourhoods,&#8221; Elaine Hung, vice president of marketing, Sotheby\u2019s International Realty Canada told The Canadian Press.<\/p>\n<p style=\"text-align: justify;\">And while Montreal saw growth in sales of homes worth over $1 million, Calgary\u2019s high-end housing sales plunged. There, the sales of $1 million-plus homes fell by 41% in 2015.<\/p>\n<p><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/the-homes-now-dominating-toptier-markets-201647.aspx\" target=\"_blank\">The Homes Now Dominating Top-Tier Markets<\/a> by Jill Gregorie | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While the $1 million home may have once reigned supreme, Sotheby Canada reports that $4 million-plus homes have since taken center stage \u2013 or at least they have in the &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/01\/the-homes-now-dominating-top-tier-markets\/\">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-591","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>The Homes Now Dominating Top-Tier Markets &#8226; 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