Sales of $1-million-plus Toronto-area single-family homes rose 83 per cent year over year in July and August. Meanwhile, Vancouver saw a decline of 30 per cent in July and 65 per cent in August, for a total of 288 sales of $1-million-plus homes. That’s not entirely surprising given that the average cost of a detached home in Toronto was about $1.2 million, said Sotheby’s CEO Brad Henderson. A July report from Sotheby’s showed sales of detached homes in the $4-million-and-up range had increased 79 per cent year over year. The Sotheby’s report also suggests there are signs that foreign home buyers, put off by the new 15-per-cent real estate tax in Vancouver, are considering other Canadian markets.

Source: thestar September 14, 2016 04:30 UTC