Sotheby’s International Realty Canada’s bi-annual top-tier real estate reports highlights new market dynamics within each of the country’s major metropolitan top-tier real estate markets during the first half of 2017. While the Greater Toronto Area remained the leader in $1 million-plus residential real estate sales, all markets shifted to reflect changes in underlying market influences.
The Greater Toronto Area (Durham, Halton, Peel, Toronto and York) continued to lead Canada’s $1 million-plus residential real estate market in the first half of 2017 with sales gains of 41% year-over-year, while luxury sales over $4 million close to doubled with a 93% surge in activity. The introduction of the Ontario Fair Housing Plan in April 2017 has cooled consumer sentiment, and top-tier activity contracted in the months immediately following.
Following a sales slowdown in the latter half of 2016 due to the implementation of a 15% foreign buyers tax in August 2016, the pace of sales activity calmed in Vancouver’s $1 million-plus real estate market in the first half of the year as sales decreased 23% year-over-year and $4 million-plus activity fell 52%. However, monthly data from the beginning of 2017 revealed uneven performance in top-tier real estate activity, as the market shifted from a period of clear uncertainty earlier in the year to resumed market participation by May 2017. Although the $1 million-plus market slowly regained traction as months progressed, affordability remained a flashpoint for Vancouver homebuyers as prices continued to rise.
A strengthening economy and emboldened consumer confidence lifted Montreal’s $1 million-plus real estate sales by 17% year-over-year in the first half of 2017, building on several years of healthy, annual sales gains. The luxury condominium market surpassed expectations with a 51% year-over-year surge in sales over $1 million. Top-tier real estate activity in Calgary renewed in the first half of the year, as consumer and industry sentiment transitioned to cautious optimism, resulting in sales gains of 24% compared to the first half of 2016.
“New market dynamics emerged in metropolitan luxury real estate markets across Canada in the first half of 2017,” says Brad Henderson, President and CEO of Sotheby’s International Realty Canada. “There were several underlying factors that contributed to these shifts. Amongst them were the ongoing repercussions of recently implemented policy interventions in the high demand and low supply Toronto and Vancouver markets, as well as bolder economic and consumer confidence in both Montréal and Calgary, which ultimately strengthened the top-tier real estate markets in these regions.”
According to Henderson, $1 million-plus real estate sales are expected to stabilize in the third quarter of 2017 in the Greater Toronto Area. Vancouver’s top-tier market is expected to regain tentative, albeit inconsistent traction in key segments, particularly in the condominium market. Montréal’s high-end real estate market is poised for new levels of growth, while an increased uptick in activity in Calgary’s top-tier real estate market is expected to continue into the fall.
Canadian top-tier real estate market highlights included:
Following the implementation of a 15% foreign buyers’ tax that came into effect on August 2, 2016, sales activity in the City of Vancouver’s $1 million-plus housing market normalized: annual 2016 sales over $1 million stabilized within 1% (decline) of record 2015 levels, and sales in the first half of 2017 decreased 23% compared to the same period in 2016. In total, 2,385 residential properties (condominiums, attached and single family homes) sold over $1 million across the City of Vancouver in the first half of this year. The number of luxury real estate sales over $4 million fell 52% year-over-year to 211 units.
All Homes: $1M+ Year-Over-Year Sales Volume (Condominiums, Attached and Single Family Homes)
- Although sales volume over $1 million was down in comparison to the first half of 2016’s historic highs, monthly data revealed that the market regained traction as 2017 progressed.
- $1 million-plus residential sales dropped 42% year-over-year in both January and February 2017, March and April 2017 sales were down a more modest 31% and 14% year-over-year compared to the same record spring months in 2016. May saw a slight 6% decrease while June sales over $1 million were down 18% year-over-year.
- Performance diverged between the housing types. While the condominium market calmed in the immediate months following the foreign buyers’ tax implementation, consumer engagement and confidence returned in the first half of 2017.
- 648 condominiums sold over $1 million in the first half of 2017, a slight year-over-year uptick of 5%, however, luxury condominiums sales over $4 million fell 47% year-over-year to 17 units sold between January 1 and June 30, 2017.
- Sales of attached homes over $1 million decreased 12% to 358 units in the first half of 2017 from the same period a year prior.
- Single family home sales over $1 million fell 34% year-over-year in the first half of 2017 to 1,379 units sold as $4 million-plus single family home sales contracted 53% year-over-year with 191 properties selling in the first half of 2017.
Calgary’s $1 million-plus real estate market showed signs of renewal in the first half of the year, as reviving consumer activity resulted in an active, transactional top-tier market. Low interest rates, housing inventory priced to align with market expectations, returning consumer confidence, and signals of an improving provincial economy resulted in overall sales of $1 million-plus real estate (condominiums, attached and single family homes) in Calgary increasing 24% to 395 units in the first six months of the year compared to one year prior.
- Sales of single family homes, which comprised nearly 90% of the city’s $1 million-plus residential sales in the first half of 2017, remained stable compared to 2016 levels with a 22% year-over-year increase to 351 homes sold.
- Attached home sales over $1 million increased 65% year-over-year to 38 units.
- The market for $1 million-plus condominiums contracted 25% compared to the same period in 2016.
Greater Toronto Area (GTA)
Following unprecedented gains in 2016, $1 million-plus residential real estate sales in the Greater Toronto Area (Durham, Halton, Peel, Toronto and York) continued to shatter records in the first half of 2017, cementing the region’s position as the national leader in top-tier sales for the third straight year. Despite a slight contraction in sales activity resulting from newly implemented policy in the second quarter, continued economic strength, steady in-migration and immigration, and low interest rates contributed to a market characterized by sales and pricing increases across every residential housing type.
All Homes: $1M+ Year-Over-Year Sales Volume (Condominiums, Attached and Single Family Homes)
- During the first half of 2017, 14,292 properties (condominiums, attached and single family detached) over $1 million sold in the GTA, a 41% increase compared to the same period in 2016. Sales over $4 million saw the greatest year-over-year percentage gains with a 93% leap to 258 units.
- In the City of Toronto, sales over $1 million increased 25% year-over-year to 5,208 units, and sales over $4 million experienced 84% gains to 189 units.
- Top-tier single family home sales sustained continued growth in the first half of 2017: sales over $1 million were up 33% in the GTA to 12,146 units and sales over $4 million increased 92% to 240 units.
- With consumers seeking alternatives to limited single family home options, $1 million-plus condominium and attached home sales soared. GTA condo sales over $1 million rose 98% year-over-year to 758 units sold in the first half of 2017 while sales over $4 million were up 150% year-over-year to 15 units.
- Sales of attached homes over $1 million experienced the greatest percentage gains of the residential housing types during the first half of 2017, up 111% from the same period in 2016 to 1,388 units sold and with 80% of those homes sold over list price.
Montréal’s conventional and top-tier markets outperformed industry expectations by maintaining healthy momentum into the first half of 2017. Demand and confidence strengthened with continued political stability, as well as improving economic conditions.
- As a result, the city’s $1 million-plus real estate market (condominiums, attached and single family homes) experienced a 17% year-over-year uptick in the first six months of the year compared to one-year prior, resulting in 372 property sales in the first half of 2017 compared to 317 during the same period in 2016.
- Luxury real estate sales over $4 million increased 150% to five units sold in the first half of 2017.
- The market for $1 million-plus single family homes, which comprised over 50% of residential real estate sales over $1 million, increased 17% from the same period in 2016 to 199 units sold.
- The top-tier condominium market posted the greatest percentage gains in sales activity of the residential housing types in the first half of the year: sales over $1 million increased 51% year-over-year to 65 units.
- $1 million-plus attached home sales remained stable with a 4% year-over-year gain to 108 properties sold.
Sotheby’s International Realty Canada’s bi-annual Top-Tier Real Estate Report examines the market for $1 million-plus residential properties sold in Vancouver, Calgary, the Greater Toronto Area and Montréal. The annual report analyzes year-over-year data and key market variables for the first six months of 2017, offering insight into top-tier real estate sales trends in Canada’s key urban centres.
Disclaimer* – The information contained in this report references market data from MLS boards across Canada. Sotheby’s International Realty Canada cautions that MLS market data can be useful in establishing trends over time, but does not indicate actual prices in widely divergent neighbourhoods or account for price differentials within local markets. This report is published for general information only and not to be relied upon in any way. Although high standards have been used in the preparation of the information and analysis presented in this report, no responsibility or liability whatsoever can be accepted by Sotheby’s International Realty Canada or Sotheby’s International Realty Affiliates for any loss or damage resultant from any use of, reliance on, or reference to the contents of this document.
When I was introduced to Steven Hill, I knew from the minute we met “this was the guy” to represent me. Steven has a very calm, soft approach to his dealing with people, unlike the ego driven who spout their credentials to impress. He listens to understand what the client wants rather than telling them what he wants. He assured me he was confident in his ability to sell my property without over promising and I was skeptical, but boy did he deliver on that promise, and some.
Let’s start with the brochures. Sotheby’s brochures blow everyone else out of the water. A piece of paper, with black and white photos, gets lost in the bottom of a purse, or garbage bin, but a Sotheby’s brochure is a piece of art. Steven’s photographer created fabulous photos that took my breath away when the brochure arrived. My house looked beyond amazing yet true to the property. This alone sets Sotheby’s far above the rest by doing more than photocopying a sheet of paper to leave an impression. Very impressed.
Steven and I corresponded everyday and, after 5 days on the market, we accepted a conditional offer. I was thrilled Steven got the sale price I wanted, so quickly. Unfortunately, we found ourselves in a tense situation when the home inspector found a breach in our sewer line. Immediately I got a quote for the repairs, and was fully prepared to cover the expense, but the buyer’s realtor was insisting on a sizeable holdback. This is where we witnessed Steven’s negotiation skills under pressure. He went head to head with the buyer’s realtor, as the buyers and ourselves stood by and watched. Steven insisted he would not allow his clients to have an open wallet, while the buyer’s realtor pushed harder and harder. Steven never once showed how irritated or upset he was by this realtor’s aggressive nature and, in a calm voice, kept insisting an open wallet was not going to work. This was a little unsettling with three days left to lift the conditions and I wasn’t holding out much hope the deal would close. Things looked grim, but once again Steven’s abilities and strong connections shone through…. he found a back up buyer who presented an offer we could not ignore. Of course, Steven had to bring this to the first buyer’s attention and, to everyone’s surprise, all conditions were lifted and we had a firm sale. Not only did I get my asking price but I no longer had to cover the repair expense. Steven was nothing but brilliant.
I believe somewhere along the way Steven and I became friends. I look forward to a “Hi Jane” text from him that always makes me smile. I thoroughly enjoy his kind, caring, easy going nature and his wicked sense of humor. I like his Porsche too (That’s just for you Steven.)
I would absolutely recommend Steven Hill to anyone looking for an honest, down to earth, hard working realtor. Sotheby’s International Realty represents class in all they do and Steven represents the best of Sotheby’s.
June 22, 2017
Stunning New Listing Now Active In Drake Landing Heights!
Rare bungalow with 3 car garage, backing on to greenspace. Beautiful open design and gorgeous designer details!
The foyer greets you with gorgeous wide plank distressed hardwood & front to back sunshine.
The open design offers 9ft ceilings & a dream kitchen with flush top granite island, gas range, built in ovens, extended height cabinets & plenty of workspace for the chef. A beautiful dining area seamlessly blends together to create the ideal family or entertaining space. The large living room features a lovely fireplace & ample windows with greenspace views.
The masters retreat feels like your own personal spa with a focal stand-alone soaker tub, separate shower & dual vanities.
Backing onto greenspace, this home has a very bright open concept.
A fully finished basement is complemented with two spacious bedrooms, a beautiful 3pc bathroom, open rec area & wet bar.
There is even a unique reading nook that has to be seen!
This stunning home offers an exposed aggregate driveway leading all the way up to the front door.
For More Details, Please Contact Steven Hill - at 403-863-6344
Certified Luxury Home Marketing Specialist
Accredited Buyers Representative
Sellers Representative Specialist
Certified Condominium Specialist
In The News: Iconic Vancouver Estate Owned by Esteemed Canadian Philanthropist Listed for $63 Million
Sotheby’s International Realty Canada has unveiled one of Greater Vancouver’s most significant, privately held residences, Belmont Estate. Situated on 1.28 acres, the elegant, custom-commissioned and designed 21,977 square-foot property is the family home of prominent Canadian philanthropists Mr. and Mrs. Joseph and Rosalie Segal. The $63 million listing price sets a record for real estate in Greater Vancouver’s history.
With spectacular ocean views of Spanish Banks, the Strait of Georgia, West Vancouver, Downtown Vancouver and the North Shore Mountains, the Estate is located in Vancouver’s most prestigious neighbourhood and has been an honoured venue visited by prominent dignitaries and celebrities from around the world.
Designed by the acclaimed Ernest Collins Architect Ltd., the palatial home opens from a private Porte-Cochère entry into two main gallery halls with seating for 80 to 100 guests for private concerts and events. A sweeping grand staircase is lit by a French Ormulu chandelier, just one of the many historical pieces that complete the aesthetic of the Estate. The living room features a fireplace and Tai Ping custom made carpet. The home’s intimate dining room seats 20 guests and features a Hokanson custom made carpet. All doors throughout the home are made of solid wood and the fine detailing of the Estate is extensive and exquisite with walls and ceilings featuring murals and artwork.
Belmont Estate boasts five bedrooms and twelve bathrooms with all three storeys of the manor accessible by an elevator found in the west wing of the home. An Italian-inspired kitchen with sitting area and fireplace, indoor pool and sauna, six-car garage and a private entrance in-law’s suite are among the amenities that make this luxurious residence a classic and timeless home.
Inspired by the French gardens of Versailles, Belmont Estate features a tiered, 3-level garden lined with indigenous, mature sequoia trees, golden spruce, maples and many other varieties. The property also features a hobby orchard. In the spring, over 12,000 vibrant, colorful tulips, hyacinths and daffodils bloom throughout the gardens and are complimented by rhododendrons, magnolia and lilacs. The expansive terrace overlooks sweeping views and the extensively manicured hedging provides privacy.
“Belmont Estate represents a rare opportunity to own a residence that is iconic to Vancouver and British Columbia, on one of the most prestigious streets in Canada,” said Christa Frosch, listing agent with Sotheby’s International Realty Canada. “No other property of comparison has been offered in Greater Vancouver to date; the fact that its long-standing owners are beloved in our community for their philanthropic dedication to the City of Vancouver only adds to the home’s heritage. I believe that the buyer of this home will have a passion for art, history, luxurious landscapes and timeless design.”
WALL STREET JOURNAL
GLOBE AND MAIL
So Delighted For My Client To Have A Firm Sale On This Great Rocky Ridge Condo! Being a Certified Condominium Specialist Allows Me An Greater Advantage In Selling and Purchasing Great Units Just Like This One!
Now the House Hunting Begins!!!
Recently featured by Sotheby's Canada! I am delighted to be wrapping up the day with a firm sale on this fantastic Elboya Listing. It was a Dream Bungalow Home With a Backyard Oasis! I'm like a broken record to say that I have the privilege to work with amazing people. This one is bittersweet because my clients found a wonderful home but the fun we have had along the way is drawing to a close! I'm so grateful for such a rewarding career!
Excited to announce that after 7 offers on this beautiful Silverado Bungalow, this home is now SOLD. 25 Days on the market! Couldn't have happened to nicer clients!
Presenting this beautiful bungalow with attached garage & backyard oasis in desirable Elboya!
See details here MLS® :C4107686 Bedrooms: 4 Bathrooms: 2
The foyer greets you with heritage hardwood floors flowing into the bright open living room, which then seamlessly blends into the dining room & kitchen area.
The kitchen boasts cork flooring, gorgeous quartz counters, full tile back splash, under-mount lighting, s/s appliances and a tranquil view out to the stunning back yard. There is a spacious master bedroom, 2 other generous bedrooms & a large main bathroom with marble vanity & huge stand-up shower.
The basement offers an open rec area, lovely bathroom, and a huge bedroom which can easily convert to offer 2 bedrooms. There is also a perfect laundry area & separate hobby room. Outside, the driveway has been newly resurfaced, the windows have been replaced & the backyard deck & south facing yard offer the very best for entertaining or enjoying the expansive private yard oasis.
Offered in an ideal location, close to schools, shopping & easy access to downtown. This home has been lovingly and meticulously maintained and is offered in pristine condition. With top-down-bottom-up window coverings throughout, new windows, new microwave, induction oven and excellent overall layout. A must see!
UPDATE: So very proud to announce that this amazing home in Auburn Bay Calgary Sold in the first day with the first showing. Bulleye pricing and fantastic presentation make selling Calgary Real Estate a real pleasure! Very happy for these repeat, loyal clients!
Luxury Executive Home For Sale In Auburn Bay, Calgary by Steven Hill - Certified Luxury Home Marketing Specialist
Presenting 315 345 ROCKY VISTA PARK NW in Calgary
Complete Condo Living at The Pavilions in Rocky Ridge! Featuring 2 Bedrooms, 2 Bathrooms, Titled underground Parking, Excellent Layout and With Indoor and Outdoor Fitness Amenities! See details here
Presenting 262024 Range Road 33 in Rural Rocky View County
Masterfully positioned to benefit the stunning unobstructed Rocky Mountains & rolling valley views, this executive 4 acre property offers a unique opportunity to own a tranquil and serene country home only minutes from Calgary & Cochrane. A gated, fully paved driveway leads to this remarkable home with over 5800 SqFt of developed living space featuring 6 bedrooms & 4.5 bathrooms. The tasteful architectural details like crown moulding and coffered ceiling, complement a layout featuring a fitness room, oversized 4 car garage, theatre space, wrap around veranda, chef's kitchen with spacious granite feature island, main floor office/den & sensational 18ft ceiling in the living room with full stone focal wall. This property offers something for every member of the family. Thoughtfully landscaped with full irrigation, there is plenty of room to enjoy both indoor & outdoor interests including a fully fenced tennis court. Offered to the market for the first time since originally built, this is a rare opportunity.
For More Information About This Amazing Property, Please Contact Steven Hill at 403-863-6344 or email at firstname.lastname@example.org
New property at 211 STRATHEARN Crescent SW in Calgary Strathcona for sale.
This wonderful Strathcona home offers an excellent layout, tasteful upgrades & is in pristine condition. The ceramic tile foyer transitions to hardwood in the bright living room, complimented by a beautiful bay window, dramatic vaulted ceiling, along with a tasteful open-railing hardwood staircase. The upgraded kitchen features gorgeous quartz counter top, full tile back splash, under mount cabinet lighting & thoughtful storage. The sunny breakfast nook functions perfectly with the family feel of this home. Blending off the kitchen space is a bright family room with fireplace & designer mantle, a 1/2 bath and mud room entryway.
What was the chance that a blizzard in April would be on the day we shoot professional photos?
Toronto positioned for greatest gains, Vancouver expected to normalize, healthy gains are forecast in Montreal, and cautious optimism is found in Calgary, says Sotheby’s International Realty Canada.
Sotheby’s International Realty Canada is forecasting that Canada’s market for residential real estate over $1 million will be led by the Greater Toronto Area (GTA) in the spring of 2017, with sales volume, velocity and pricing of the $4 million luxury segment projected to surpass previous years’ record-breaking performance. Vancouver’s $1 million-plus real estate market is anticipated to normalize in the coming months, while cautious optimism returns in Calgary. Montreal’s market for real estate over $1 million is expected to continue its course of modest, healthy growth.
Data compiled by Sotheby’s International Realty Canada in the country’s four largest real estate markets foreshadow spring performance in 2017. The GTA experienced the greatest year-over-year gains in sales over $1 million (condominiums, attached and single family homes). In January and February 2017, sales volume increased 87% across the region, while sales in the city of Toronto rose 44%. During this time, sales of luxury real estate over $4 million soared 144% and 147% in the GTA and the city of Toronto respectively. In Montreal, $1 million-plus real estate sales increased 13% in the first two months of 2017 compared to the year prior, while Calgary’s remained on par with 2017 levels. Vancouver sales over $1 million fell from historic highs by 45% year-over-year during this time as sales over $4 million contracted 68%.
Canada’s top-tier real estate market continues to face unprecedented levels of uncertainty in spring 2017, absorbing the impact of previously introduced government policy, responding to shifting signals on potential new regulation, and moving with forceful geo-political headwinds on a continental and global scale. In spite of these macro-influencers, local market factors such as inventory levels, regional economic and job indicators, consumer confidence and hyper-local demand will continue to be the predominant forces influencing top-tier market performance in spring 2017.
“The Toronto real estate market has pulled into a league of its own, and we expect to see all-star performances across every luxury segment – single family and attached homes, as well as unprecedented performance in the luxury condominium market,” said Brad Henderson, President and CEO of Sotheby’s International Realty Canada. “At the same time, rising Canadian consumer optimism will add positive colour to the markets in Vancouver, Calgary and Montreal in the coming months.”
Key National Influencers:
- The Canadian economy surpassed expectations in the last three months of 2016 with an annualized gain of 2.6% compared to earlier projections of a 2.0% according to the Conference Board of Canada. This sets a strong foundation for healthy growth and more robust consumer, business and top-tier real estate market confidence leading into 2017. The Board’s Index of Consumer Confidence rose 9.0 points in February 2017 to 110.6 – the highest level in more than seven years. Quebec and Ontario saw the most significant improvements in consumer confidence, with the two provinces benefiting from the bulk of full-time positions created by the Canadian economy in recent months. Consumer confidence also rose in Alberta, with the index rising 8.2 points to 67.5, its highest level since March 2015. British Columbia’s index rose 2.3 points in February to 126.4.
- The falling national unemployment rate serves as a positive indicator for several major real estate markets. The national unemployment rate fell to 6.6% in February 2017, its lowest level in over two years. Vancouver’s unemployment rate dropped to 4.7% compared to 6.0% in February 2016, posting the lowest rates of Canada’s largest cities and contributing to local market confidence for the spring. While Toronto’s rate of 6.8% remained consistent with February 2016 levels, Montreal’s below-national-average unemployment rate of 5.5% is anticipated to have a positive influence on conventional and high-end market demand. Calgary’s unemployment rate of 9.2%, up from 8.5% in the same month last year, poses a risk to newly emerging optimism within the top-tier real estate market.
- The low Canadian dollar, which has hovered at 74 cents to the US through March 2017, positions Canadian real estate as a favourable investment for American and international buyers. This is encouraged by the growing gap between Canadian and US monetary policy and the countries’ interest rates. While the Bank of Canada maintained its overnight rate target at a historic low of 0.5% in March 2017, the US Federal Reserve raised its benchmark interest rates to a target range of 0.75% to 1% on March 15 to reflect a strengthening American economy. Along with other repercussions, the Federal Reserve’s latest increase continues to reinforce the value of the US currency.
- Recently introduced municipal, provincial and federal policy changes impacting real estate remain wild cards in the top-tier market this spring 2017. The combination of tighter mortgage rules and regulations at a national level, a 15% property transfer tax on foreign nationals and foreign-controlled corporations buying Metro Vancouver real estate, and recent property transfer tax amendments in Ontario will have cascading effects, with a more complete picture to be revealed in coming months.
Cautious optimism has returned to the city of Calgary’s top-tier real estate market as sales activity stabilized leading into spring 2017. Sales over $1 million (condominiums, attached and single family homes) experienced 19% gains in 2016 over 2015, and early 2017 data indicates that this ground will maintain into the spring. As inventory contracted, 64 properties sold over $1 million during the first two months of 2017, unchanged from the same period in 2016.
Of these transactions, 57 single family homes sold over $1 million, up a marginal 2% over the same period in 2017. Two condominiums sold over $1 million in the first two months of 2017 compared to one in 2016.
Stabilizing consumer confidence, however, remains fragile. The city’s real estate market remains vulnerable to continued uncertainty in the oil and gas sector, elevated unemployment rates, wage uncertainty and net population outflow. The potential risk for new spring listings inventory to overtake demand also exists. With a buyers’ market still entrenched in Calgary, and with conventional and top-tier market indicators still weak, sellers are cautioned to price and market strategically for current conditions through the course of the spring.
Vancouver’s top-tier real estate market is expected to normalize this spring, following an action packed 2016 that saw sales over $1 million hold steady at a nominal 1% year-over-year decrease from record highs as the $4 million plus market posted 34% gains in spite of multi-pronged policy introductions aimed at cooling the market.
Slackening sales at the start of 2017 signal a pending return to more moderate levels of market activity: residential real estate sales over $1 million declined 45% year-over-year to 531 units sold in January and February 2017, while sales over $4 million decreased 68% to 43 units compared to 133 units sold in the same period in 2016.
Single family home sales over $1 million fell 56% to 296 units sold in the first two months of 2017 compared to the same period in 2016. During this time, luxury home sales over $4 million stalled as real estate consumers hesitated and price expectations diverged between prospective buyers and sellers. Luxury single family homes over $4 million decreased 71% year-over-year to 35 units sold in January and February 2017 compared to 120 units sold during the same months of 2016.
Demand for top-tier condominiums continue to reflect greater resilience than the market for single family homes. Buoyed by favourable demographic trends, downsizing baby boomers and millennial first-time homebuyers are boosting demand as they seek alternatives to detached homes. Condominium sales over $1 million in January and February 2017 decreased 28% year-over-year to 142 units sold, with five sales over $4 million reflecting a 55% decline from the same months the previous year. Persistent bidding wars within the top-tier condominium market suggest healthy demand in spring 2017.
In spite of imminent real estate market adjustments, Vancouver has boasted Canada’s fastest growing metropolitan area economy for two straight years, and economic authorities have projected that the city will maintain this leading position into 2017 with a 2.8% expansion of the economy. Continued net migration, the lowest unemployment rate of Canada’s largest cities and low vacancy rates will continue to sustain long term housing demand and consumer confidence in Vancouver’s top-tier real estate market in the longer term.
Greater Toronto Area (GTA):
Soaring activity in the first two months of the year foreshadow new heights for the Greater Toronto Area’s top-tier real estate market this spring. In January and February 2017, the GTA (Durham, Halton, Peel, Toronto and York) market continued its record-setting sales streak, posting the strongest year-over-year gains of Canada’s four major metropolitan markets for the period. Real estate sales over $1 million (condominiums, attached and single family homes) increased 87% to 3,043 properties sold, while luxury sales over $4 million increased 144% year-over-year to 66 units sold. During this time, sales over $1 million and $4 million in the city of Toronto increased 44% and 147% year-over-year, to 943 and 42 properties sold.
These gains follow a year in which GTA sales over $1 million and $4 million surged 77% and 95% in 2016 over 2015, while $1 million-plus and $4 million-plus sales in the city of Toronto increased 44% and 87% year-over-year.
Exceptional performance is anticipated for the high-end condominium market in spring 2017. Shifts in demographics, strong consumer and investor confidence, and comparative affordability in face of escalating single family home prices has propelled steep gains in demand resulting in heated bidding wars, and robust sales. Across the GTA, early 2017 condo sales volume over $1 million exceeded 2016 levels by 104% with 167 units sold. Within the city of Toronto sales of condos over $1 million rose 85% year-over-year to 135 units. Four condos sold over $4 million during this time, all within the city of Toronto, up 33% compared to the first two months of 2016.
The $1 million-plus market for single family homes is projected to sustain heated growth this spring. In the first two months of 2017, the segment experienced 86% year-over-year gains in sales volume within the GTA and 38% gains in sales volume in the city of Toronto to 2,876 and 808 units respectively. The $4 million-plus luxury home segment is expected to surpass previous gains: in the first two months of 2017, sales volume rose 158% year-over-year to 62 units sold in the GTA, and 171% to 38 units sold in the city of Toronto.
Healthy gains are forecast for the $1 million-plus real estate market in Montreal for spring 2017, following modest year-over-year gains in sales volume in the first two months of the year. In January and February 2017, real estate sales over $1 million increased 13% over the same months in 2016 to 88 properties (condominiums, attached and single family homes) sold. While single family home sales rose 10% year-over-year to 76 properties sold, condominium sales over $1 million rose 33% to 12 properties sold.
Top-tier single family home sales are expected to see steady gains in sales volume and velocity from 2016 levels. The addition of new condominium inventory to the market with the recent completion of several new developments is projected to moderate prices, even as projected consumer demand is forecast to absorb additional supply.
Continued growth in Quebec’s provincial economy, buoyant consumer optimism and enduring political stability are set to sustain positive market conditions for top-tier real estate through the spring.
Disclaimer* The information contained in this report references market data from MLS boards across Canada. Sotheby’s International Realty Canada cautions that MLS market data can be useful in establishing trends over time, but does not indicate actual prices in widely divergent neighborhoods or account for price differentials within local markets. This report is published for general information only and not to be relied upon in any way. Although high standards have been used in the preparation of the information and analysis presented in this report, no responsibility or liability whatsoever can be accepted by Sotheby’s International Realty Canada or Sotheby’s International Realty Affiliates for any loss or damage resultant from any use of, reliance on, or reference to the contents of this document.
324 Kinniburgh Boulevard - Excellent Location, Amazing and Modern Design - Steven Hill, Calgary Sotheby's
Fantastic Property Backing Onto Kinniburgh Pond - 324 Kinniburgh Boulevard
Beautiful Acreage Living In DeWinton, Alberta | For Sale | Steven Hill | Sotheby's International Realty Canada Calgary
Presenting 290153 96 Street East in De Winton.
A beautiful acreage setting compliments this stunning walkout bungalow, boasting 4 bedrooms in total & featuring a dramatic main level with vaulted ceilings. The huge kitchen centers around an expansive island & flows into the bright open dining room & living room with a focal stone fireplace. Downstairs there are 2 spacious bedrooms complete with a beautiful 3 pc bathroom & a fantastic layout offering a luxurious wet bar, beautiful double sided stone fireplace, & theatre area. Entertain at the bar, or open the patio doors where interlocking stone leads to a excellent built-in bbq gathering area. This lower level is an entertainer's dream. Unique to this property are 2 separate 1500 SqFt buildings, perfect for the hobby/sports/car enthusiasts, or trades person! With in floor heating, brick fireplace and 4 pc bathroom, this first outbuilding offers an abundance of use options! The 2nd shop features open space, overhead heating & upgraded electrical for professional applications. Brazilian cherry hardwood flows down from the foyer hall and throughout the living room and dining area. Built-in pantry, tech desk centre and expansive deck with lovely tree lined views, make this main haven the heartbeat of the home and in perfect harmony with its country surroundings. The beautiful Masters Suite offers double closets with glass inlay and functional storage space. This retreat allows room for king sized furniture and flexible layout. Complete with a beautiful en suite that hosts heated tile floor, a soothing jetted tub and a long marble counter, this bedroom is a truly tranquil part of this extraordinary home. The attached oversized 3 car garage is fully finished and offers high ceilings and room for shelving or storage. The 2 additional buildings feature in-floor heating and even function on a separate septic system. An excellent opportunity to own a remarkable property close to schools, sports centers, shopping and city amenities.
Gorgoeous Family Home With Stunning Location in Chestermere!
A wonderful opportunity to own this beautiful 5 bedroom, fully finished walk-out home, backing on to the serene setting of Kinniburgh pond! You are greeted by a huge front covered veranda entering into the foyer where hardwood & tile lead to the den/flex room, open living room & kitchen, where it blends to the spacious deck & fantastic views. Boasting a gorgeous granite kitchen island w/eat up bar, loads of cabinet & counter space, open dining area & artistic 24x24 floor tiles, complimenting the stainless back splash & designer touches throughout. The upper level offers a bonus room, lovely master retreat overlooking the pond, double vanity en suite with soaker tub & large separate shower. The other 3 spacious bedrooms & a beautiful main 5pc bath make this a dream family home. The bright basement features a wide open rec area, open theatre area, wet bar, spacious 5th bedroom, gorgeous bathroom & storage room. This is beautiful living. Flexible possession is available. Additional features include a fully finished garage, storage under the deck enclosure and R/I gas line for the range along with Gas line on deck for BBQ. Each and every bathroom has heated tile flooring! See details here
Client Loyalty Is The Direct Result of The Service You Provide
SOLD in 21 Days for 97.5 % of List Price!!!
An excellent opportunity for big value in Sundance. This large 4 level split, sitting on a north facing corner lot offers a dramatic vaulted ceiling front to back, which gives the main living room, open dining area and kitchen a bright and airy feel. The upper level features a Master Bedroom with spacious walk-in closet and 3 piece en suite, while the other 2 bright bedrooms are near the full 4pc bathroom.The lower level living room with corner fireplace, has a large window that soaks the room with light. This level blends to another 4th bedroom, 3 piece bath and the laundry room/mudroom off the double garage access. Below, there is a generous open room, and another bedroom, along with plenty of crawl space for storage. Within an ideal proximity to schools, bus routes & the lake, this home has a lot to offer. Bring your ideas for fresh paint and new flooring and you will see this as a great opportunity for big value with a little vision!
Client's Social Media Pos To Friendst:
"Our house in Calgary sold! New chapter continues....
Super huge thanks to Steven Hill, our realtor....sold in record time for 97% of list price....if you need a realtor in Calgary go to Steven Hill with Sotheby's. Steven sold us our house 6 years and when we knew we were going to sell he was our first thought. Steven went way beyond for us. He coordinated the sale while we are in living in California , shoveled our huge sidewalk, cleaned our house for us, professional photos and measurements at no extra cost....WOW...THANK YOU Steven Hill!"
SOLD AFTER TWO DAYS ON THE MARKET FOR 99% OF LIST PRICE!!!!
Fully Developed Walk-Out with over 3400SqFt! The spacious foyer greets you with soft designer tones, tile floors & 9ft ceilings. Passing a large flex room (office/den/dining) the layout then opens to the generous kitchen w/granite counters, extended height cabinets, s/s appliances, & a corner pantry. Flowing off the stylish eat-in nook area is the large, low-maintenance deck, overlooking the greenspace pathway. A spacious living room with a corner fireplace soaks in light from the large windows. The amazing upper level boasts a bonus room, 3 large bedrooms & upper level laundry. Your Masters Retreat offers ample space, W/I closet & beautiful spa-like en suite w/dual vanities, deep soaker tub & separate shower. The masterfully finished walk-out basement offers a stunning entertainment space with a custom bar, expert level millwork & open theatre area. A beautiful 3pc bathroom & huge 5th bedroom compliment this amazing space. Close to schools, Fish Creek & all amenities, this is a fantastic home! A gas BBQ line on the deck and stairs down to the ground level where there is a stamped concrete landing compliment the great walk-out lot. Even the basement bar-top was made of Alder wood actually reclaimed from the Coach & Horse pub. As authentic as it gets! The bonus room offers the flexibility to convert to another bedroom as well.