Luxury-Home Sales Buoyed in Canada by Slumping Currency: Chartby
Purchases for C$1 million or more have record jump in Toronto
High-end residential sales declined 41% in Calgary last year
The slumping Canadian dollar combined with high demand from foreign buyers is fueling the luxury-housing market in Toronto and Vancouver, according to Sotheby’s International Realty Canada.
Sales of homes for at least C$1 million ($710,000) jumped a record 48 percent to 11,112 transactions last year in Toronto, the country’s largest city, and rose 46 percent in Vancouver from 2014, Sotheby’s said in a report released Thursday. The story was different in Calgary, the heart of Canada’s oil industry, where luxury-home sales were down 41 percent. Demand for high-end real estate in Montreal, meanwhile, rose 15 percent.