Luxury home sales fall in the GTA, Hamilton: RE/MAX

TORONTO — Luxury home sales in the Greater Toronto Area, Oakville and Hamilton-Burlington have fallen by almost 60 per cent year-over-year, according to a RE/MAX report.

The real estate company says 76 freehold and condominium properties in the GTA sold for more than $3 million between Jan. 1 and Feb. 28, down from 180 sales during the same period last year.

In Oakville, six homes in the same price range sold early this year, in comparison to 15 a year ago.

Homes priced above $1 million in Hamilton-Burlington saw a 55 per cent drop to 59 homes sold at the start of the year from 133 in 2017.

Though RE/MAX says the luxury market’s record-breaking pace from last year has slowed, it is still expecting plenty of activity this year.

Already RE/MAX says it has seen increases in luxury home sales in the GTA’s Kingsway/ Princess Anne Manor and Rosedale neighbourhoods, where 10 homes have sold so far this year, including the most expensive one for $8.4 million.

“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,” Christopher Alexander, executive vice president and regional director, RE/MAX INTEGRA Ontario-Atlantic Region, said in a news release.

“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.”