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Sotheby’s sees single-family home sales spike by over $ 1 million, with the luxury condominium market improving
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for the Calgary Herald Photo by Christopher Landry /.jpg• •
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Canada’s luxury real estate market is facing a very strong spring sales season after a strong start to the year, a new report shows.
Sotheby’s International Realty Canada released its Spring Outlook 2021 real estate report, which notes that the upcoming busy sales season – spring – will see sales growth in the first two months of the year.
One of Canada’s top luxury markets is Calgary, which has seen some of the largest sales increases in the country. Revenue increased 119 percent year over year in the first two months of 2021, driven by single-family home sales of at least $ 1 million.
“But we haven’t seen the same growth in luxury condominiums in Calgary,” said Don Kottick, president and CEO of Sotheby’s International Realty Canada.
As the report notes, only one condominium unit over the $ 1 million mark has been sold in Calgary during that time. Kottick adds that the sale of single-family homes reflects an emerging preference for more floor space to work from home.
Similar trends can be seen in other major markets.
Revenue in the greater Toronto area for residential real estate valued at $ 1 million or more increased 126 percent year over year in January and February. Given a reference price of more than $ 1 million, sales in the range of $ 2 million and above are more telling for luxury demand. Revenue in the $ 2-4 million segment also rose 126 percent, with the $ 4 million and above segment up 157 percent. Sales of single-family homes starting at $ 4 million increased 203 percent.
In the Vancouver market with sales of more than $ 2-4 million, sales were up 57 percent year-over-year, and the $ 4 million or more category was up 41 percent.