Sales of luxury homes expected to gain momentum in the fall: study

TORONTO – A real estate sales and marketing company is predicting that sales of luxury homes will gain momentum in the fall, fuelled by demand from international investors.

Sotheby’s International Realty Canada says sales of high-end homes worth at least $1 million were up in major Canadian urban markets in the first half of the year, compared with the second half of 2012.

Sales were up 65 per cent in Vancouver, 67 per cent in Calgary, 61 per cent in Toronto and 29 per cent in Montreal.

The real estate company says buyers from China, Russia, the Middle East, India and the U.S. will continue to fuel demand for luxury homes this fall.

The report also notes that the high-end real estate market in the Greater Toronto Area has rebounded after a slower start to the year, a trend that is expected to continue into the fall.

Sales of luxury homes are also expected to gain traction in Calgary and Vancouver and remain balanced in Montreal, according to Sotheby’s.