2018 RE/MAX SPOTLIGHT ON LUXURY REPORT

25 October 2018
REMAX Realtron Realty Inc

THE 2018 RE/MAX SPOTLIGHT ON LUXURY REPORT

Toronto and Vancouver luxury condo market bolstered by local buyers, downsizing retirees and Millennials
Single-detached luxury homes sales in the $3+ million range in Toronto and Vancouver drop by 44% and 45%

Sales of single-detached homes priced $1-2 million have declined in Toronto and Vancouver, down 35 per cent year-over-year, according to the 2018 RE/MAX Spotlight on Luxury Report. In contrast, the luxury condo market in the $1-2 million range remains popular, particularly in larger urban centres. Toronto experienced a two-per-cent increase in luxury condo sales, while Vancouver sales were up six per cent and Victoria luxury condo sales increased 19 per cent. These trends have been largely driven by Baby Boomers and Millennials.

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