Sean DeCory/National Post
Re/Max says Toronto and Vancouver had a huge surge in the number of $3-million homes sold in 2015..
First it was $1 million, then $2 million. How about $3 million? That’s what Re/Max says is the high end of the luxury housing market — one that has seen an explosion in sales.
The real estate company says Toronto and Vancouver had a huge surge in the number of $3-million homes sold in 2015.
Over the first seven months of the year, the Greater Toronto Area saw 379 sales for $3 million plus, a 179 per cent jump from the same period a year earlier. Greater Vancouver had 572 sales in the same price category, a 79 per cent jump from a year earlier.
In Toronto, the average price of a detached home shot past $1 million this year before falling back while in the Greater Vancouver area, detached homes still sell for around $1.4 million.
The million dollar plus category had 7,249 transactions in the GTA over the first seven months of the year, a 55 per cent jump from a year ago. In Greater Vancouver, 2,649 homes sold for $1 million or more during the first seven months of the year, a 40 per cent increase from a year ago.
Two million or more is also a strong category with 1,098 homes selling for at least that much in the GTA from Jan. 1 to July 31, 2015. That was up 52 per cent from a year ago. Greater Vancouver $2-million sales jumped 48 per cent during the period.
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