A new report has found that Toronto luxury home sales have dropped by 32 per cent in 2023 compared to the same period in 2022.
The report, prepared by Sotheby’s International Realty, says that there were 181 sales of homes over $4 million in the first half of 2023 using the Multiple Listings Service . Five of those homes sold for more than $10 million, compared to seven the previous year.
Toronto’s real estate market has faced considerable strain amid repeated increases to the cost of borrowing, though home prices have begun to shoot up in recent months.
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