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Economics

Luxury-Home Sales Are Booming in Toronto, Tumbling in Vancouver

  • Trends to continue through the fall, Sotheby’s says in report
  • Vancouver adjusting to more regulations, including buyer taxes
Multi-Unit Home Permits Overtake Canada Singles For First Time
Photographer: Cole Burston/Bloomberg

Canada’s luxury-home market has a split personality: East versus West.

Sales for C$1 million ($770,000) or more in the Toronto region bounced back after a slowdown earlier this year, climbing 19 percent in July and August from the same period in 2017, Sotheby’s International Realty Canada said Wednesday. The increase was even greater -- 34 percent -- for a subset of transactions priced above C$4 million.