JUST IN: Luxury home sales down by 32% in Toronto: 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.Sotheby’s, however, says that a softer real estate market only partly accounts for the decrease.
“Luxury and ultra-luxury residential property sales continued to migrate away from the Multiple Listings Service to exclusive and private sales and marketing platforms as ultra-high-net-worth sellers increasingly sought confidentiality, as well as targeted access to qualified local and global buyers for their properties,” the report states.
The Sotheby’s report notes that sales were down across the board, however the decrease in properties over $1 million in price was more muted, with a 27 per cent drop from the first half of 2022.The causes behind these dips are unsurprising – according to Sotheby’s, “rising mortgage rates, economic uncertainty and macroeconomic headwinds” are likely to blame – but changes in the luxury housing market are also regional.
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