Foreign and immigrant buyers combined with a low-value Canadian dollar continues to translate into higher prices and more sales in Canada’s biggest cities.
In Toronto, homes selling for over $1 million were bought in record numbers: 11,112 sales, a 48 percent increase over last year.
In Vancouver, the same trend was seen, resulting in a 46 percent increase, according to a Sotheby’s report.
In Montreal, the rise was 15 percent.
A different trend was seen in Alberta, suffering in the wake of a collapsing oil and gas industry. Expensive home sales were down 41 percent from last year.
Sotheby’s International Realty Canada (pdf) 2015 Year-End Top-Tier Real Estate Report