2018 RE/MAX Luxury Property Report

20 March 2018
REMAX Realtron Realty Inc

High-End GTA in focus

While luxury homes sales in the Greater Toronto Area (GTA), Oakville and Hamilton-Burlington have fallen short of last year’s record-breaking pace, this segment of the market will still see plenty of move-up activity in 2018. This is according to a report released today by RE/MAX INTEGRA Ontario-Atlantic Region.

The 2018 RE/MAX Luxury Property Report examined trends and developments in the GTA (freehold and condominium properties), Oakville and Hamilton-Burlington for the first two months of the year. The report found 76 freehold and condominium properties sold over the $3-million price point in the GTA between January 1 and February 28, down from 180 sales during the same period in 2017. In the $5-million-plus category, luxury sales fell 46 per cent to 15 transactions in the GTA, compared with 28 one year ago. Oakville reported slower sales in the first two months of the year as well, with six homes selling over $3 million, compared to 15 one year ago. Fifty-nine homes sold over $1 million in Hamilton-Burlington, down from 133 in 2017. Only condominium apartments and townhomes located in Toronto proper bucked the trend, with eight sales over $3 million so far this year, up from five during the same period in 2017.

“Sales of upper-end homes year to date are more in line with 2016 volumes rather than 2017, which should be distinguished as an outlier year for luxury real estate,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX INTEGRA Ontario-Atlantic Region. “Any comparison will fall short of 2017 levels throughout much of the spring, but demand for luxury product is likely to improve by early summer and carry through to the remainder of the year.”

Click here to download the full report