It's been a "record-breaking" year for ultra-expensive real estate all over Canada.
While 56% of Ontarians say they've pretty much given up on their dreams of ever owning a home, according to a new report, luxury real estate is having a moment.
Sotheby's International Realty Canada has found that luxury property sales in the GTA, comprised of Durham, Halton, Peel and York, experienced so much growth in the first half of 2021 that the market "eclipsed" others around the country. The GTA has seen a 276% increase in properties sold for over $4 million, including condos, attached and single-family homes.
It's also been a landmark year for the super-rich, who purchased 15 "ultra-luxury properties" at over $10 million each, a 114% increase from the first half of 2020.
"Significant gains were experienced across all luxury housing types, with sales over $4 million for condominiums, attached and single family homes up 88%, 400% and 290% year-over-year, respectively," an excerpt from the report reads.
Luxury real estate markets in other major cities, including Vancouver, Calgary and Montreal, also experienced "record-breaking levels of activity," according to Sotheby's.
"Affluent consumers are more prepared to invest in additional space and in next-level architecture and design, whether through upsizing, home renovations or home building. This is elevating the quality and pricing of housing in Canada's most prestigious neighbourhoods, in many cases, permanently," said Sotheby's president and CEO Don Kottick in the report.