24°c Partly cloudy
18°c Cloudy periods
The Canadian Press - ONLINE EDITION
$1-million and above homes still finding buyers in Canada: report
OTTAWA - While Canada's housing market appears to be cooling, that may not be the case for homes in the rarefied listings of $1 million and above.
A new report by Sotheby's International Realty Canada says 2013 looks like a good year for sellers of top-end homes, giving the stable Canadian economy, increasing employment and continuing low interest rates.
The firm says it is so confident that it is expanding into two new markets this year — Quebec City and Edmonton — from the four it currently serves: Montreal, Toronto, Vancouver and Calgary.
For 2012, the realtor says the market was a bit of a mixed bag for $1 million homes and above, particularly after stricter mortgage rules came into place in July.
Some markets, like Calgary saw the sky as the limit, while previously hot Vancouver came down to earth somewhat. Toronto and Montreal experienced modest growth.
In Vancouver, sales in the top-tier market fell 34 per cent to 1,983, and it took 54 days to sell a $1-million or more listing on average in the last six months of the year, well above the first half or the previous year. Still, five per cent of listings sold over asking.
It was a different story in Calgary, where sales of homes listing over $1 million rose 20 per cent to 535 with five per cent selling above asking.
Toronto and Montreal experienced more modest swings from the previous year, but the trend was positive.
In Toronto, sales of top-end homes rose 13 per cent to 4,900, with 11 per cent of those selling over asking price. Montreal sales of $1-million plus homes rose four per cent to 392, only three per cent of those above asking.
Note to readers: This is a corrected version. A previous story contained an incorrect spelling for Sotheby's
More FP News Top Story
- Back to Top
- Return to FP News Top Story
More FP News Top Story
(1 of 50 articles for this year)
Harper assailed for cutting Elections Canada budget despite vote problems
05/1/2013 5:40 PM 0
Poll
Most Popular FP News Top Story
- Dates set for recreational food fishery in Newfoundland and Labrador
- Anti-prostitution laws targeted at Pickton inquiry, not failed police probe
- Military ombudsman appeals to defence chief over home-equity losses
- Retired Toronto teacher, husband found slain in their Florida home
- Final cardinal - from Vietnam - arrives in Rome, meaning conclave date can be set
- Afghan army gives donated rifles back to Canada in favour of U.S. weapons
- National chief calls for change after boy's shooting death at Alberta reserve
- Pakistani model's tattooed nude photo in Indian magazine causes uproar
- Israeli archaeologists discover ancient clay seal in Jerusalem, suggest link to Temple ritual
- PM warns violence could destabilize Romania after anti-govt protests; new demonstration begins
- Harper government has no plans to sell Via Rail: Transport spokesman
- Dates set for recreational food fishery in Newfoundland and Labrador
- Pakistani model's tattooed nude photo in Indian magazine causes uproar
- American-US Airways merger could jeopardize major hub airports, as mega airline consolidates
- CGI establishes Ottawa centre focused on cyber security for businesses
- US couple flees house infested with garter snakes, describe living in a 'horror movie'
- Seven killed in crash of plane chartered by Kinross Gold Corp. in Mauritania
- Afghan army gives donated rifles back to Canada in favour of U.S. weapons
- Canadian submarine HMCS Windsor slowly lowered into Halifax harbour
- London tattoo parlours get boost from athletes, tourists who love those 5 rings
- Dates set for recreational food fishery in Newfoundland and Labrador
- Pakistani model's tattooed nude photo in Indian magazine causes uproar
- Harper government has no plans to sell Via Rail: Transport spokesman
- Israeli archaeologists discover ancient clay seal in Jerusalem, suggest link to Temple ritual
- Unidentified victims of Bangladesh collapse buried as more graves are readied; toll now 420
- Pressure grows to improve human rights for transgender people in Newfoundland
- Police: Boston Marathon bomb suspect fired shots from boat, hospitalized in serious condition
- In unusual pattern, Oklahoma tornado tracked path of 1999 monster twister with record winds
- Ten years after 9-11, Canada-U.S. relationship has both trouble spots and bright spots
- US couple flees house infested with garter snakes, describe living in a 'horror movie'
Ads by Google
You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.
You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.
Have Your Say
New to commenting? Check out our Frequently Asked Questions.
Have Your Say
Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?
Login SubscribeHave Your Say
Comments are open to Winnipeg Free Press Subscribers only. why?
SubscribeThe Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.