Canada's Luxury Real Estate markets show diverging trends across the 4 largest metropolitan markets. In the GTA, demand grew in H1, but supply issues led to ↓ 32% yearly in residential sales over $4M and ↓ 27% in $1M-plus sales....
Market Update
New home sales in GTA ↑ by 32% yearly in June, however, the sales were still 30% below the 10-yr avg. The rise in interest rates has caused some potential home buyers to delay their purchasing decisions, leading to a decrease in sales.Condo apartment sales in June ↑ 11% yearly, but were still 21% below the 10-yr avg....
The avg price of a single-family home in London, ON is now $743K. The median price of a single-family home in London is $685,500. Homeownership has become very expensive in the city....
New home sales in the Greater Toronto Area were (color-green) in June yearly. However, sales were significantly below the 10-yr avg, indicating a slowdown in the market. Escalation in interest rates is affecting demand, pushing some buyers to the sidelines....