Government Rules Send Luxury-Home Sales Plunging in Toronto and Vancouver
- Sales above C$1 million fall 46% in Toronto, 19% in Vancouver
- Government curbs on soaring values are working, and then some
Photographer: Ben Nelms/Bloomberg
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Canada set out to cool a hot housing market, and did it ever.
Luxury-property sales in the nation’s priciest markets fell sharply in the first half of the year amid a slew of government regulations, according to a report released Tuesday by Sotheby’s International Realty Canada. Sales of homes above C$1 million ($760,000) fell 46 percent in Toronto and 19 percent in Vancouver from a year earlier, while the number of homes sold above C$4 million dropped 51 percent in Toronto and 47 percent in Vancouver.