Canada’s luxury market sales robust in first half of 2021
The end of the COVID-19 pandemic is nigh and Canada’s luxury real estate market is riding the resulting wave of optimism, says a new report from Sotheby’s International Realty Canada. Canada’s GDP in Q1 grew by 5.6%, according to the Bank of Canada, while the Conference Board of Canada anticipates 6.1% expansion of real GDP for the year, with every province expected to recover economically from the pandemic. Sotheby’s has attributed these propitious economic conditions to declining inventory in the country’s major luxury real estate markets during the first half of the year. The Greater Toronto Area’s luxury market outperformed all others in the country during H1-2021, with sales over $4 million surging by 276% year-over-year. Fifteen of the transactions are considered “ultra luxury properties,” meaning they sold for over $10 million—an increase of 114% over the first half of 2020. Luxury condo sales increased by 88%, while attached and single-family home sales rose by 400% and 290%, r
