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Sales of million-dollar homes in Toronto continue to soar as the city holds onto the top spot as the hottest luxury market in the world, according to recent research by Christie’s International Real Estate.
Last month, 32 homes were sold for $3 million or more, up from 25 sales at the same time last year.
“It’s very easy to conclude that Toronto–for economic hubs—is the hottest luxury market in the world,” Dan Conn, CEO of Christie’s International Real Estate tells BNN, citing the number of days on the market as a thermometer for surging luxury demand.
On average in 2015, luxury homes in the $3-million-plus category were on the market for 26 days compared to 31 days in 2014.
Single-detached homes are not the only property type driving the city to the top spot. Toronto’s condo market shows no signs of cooling down either, with 130 high-rise projects currently under construction.
Conn says off-shore buyers are attracted to the city’s accessibility and high-quality properties.
But while Toronto is on “fire”, Calgary is “struggling to keep pace,” he adds.
“What we haven’t seen yet [in Calgary] is a significant price contraction, but what we’re seeing is a material drop in the sales volume at the luxury level,” Conn tells BNN.
“To us it’s unsurprising. Calgary has always been so highly correlated to resource pricing.”