High-end homes sales climb in Toronto, Vancouver in 2015: report

The Canadian Press
TORONTO - A new report says sales of homes worth $1 million or more heated up in Toronto and Vancouver last year as the low loonie fuelled demand from foreign buyers.

The report from Sotheby's International Realty Canada says sales of homes worth $1 million or more in the Greater Toronto Area rose 48 per cent in 2015 from the previous year.

In Vancouver, there were 46 per cent more homes over the $1 million sold last year compared with 2014.

The realtor says sales of homes worth more than $4 million grew the most - in Vancouver by 67 per cent, and in Toronto by 71 per cent.

But after years of growth, Calgary's high-end housing market declined last year as the downturn in the oilpatch hurt consumer confidence.

The Sotheby's report says sales of homes over $1 million fell 41 per cent in Alberta's largest city in 2015 compared with the previous year.