Newspaper article The Canadian Press

Luxury Home Market Slips in Vancouver, but Picks Up in Toronto, Sotheby's Says

Newspaper article The Canadian Press

Luxury Home Market Slips in Vancouver, but Picks Up in Toronto, Sotheby's Says

Article excerpt

Luxury home market slips in Vancouver

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TORONTO - A report by Sotheby's International Realty Canada says sales of luxury homes in Vancouver cooled in July and August, however the high-end market picked up in the Toronto area.

The real estate firm says the new foreign buyer tax introduced in Vancouver in August has injected uncertainty into that city's market, which is expected to moderate headed into the fall.

Sotheby's says escalating interest from foreign buyers as well as strong local market fundamentals are expected to boost the Toronto area market.

Sales of single-family homes over $1 million in Vancouver in July fell 30 per cent compared with a year ago to 193.

In August, sales were down 65 per cent compared with a year ago, falling to 95.

Vancouver condominium sales over $1 million in July totalled 93 -- up 29 per cent from a year ago -- but sales in August fell 49 per cent compared with the same month last year, dropping to 40. …

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