According to a report released January 15, 2020 by Sotheby’s Intl Realty Canada, Canada’s two largest metropolitan real estate markets, Toronto and Vancouver, rallied in 2019, gaining traction throughout the year.
After a tentative start to 2019, the GTA led the country in real estate performance bolstered by the region’s strong population growth, healthy economic performance and strong labour market.
The GTA thrived in 2019 in contrast to the market contraction experienced in 2018 caused by the implementation of tighter lending policies and the 2017 Ontario Fair Housing plan.
While GTA residential real estate sales over $1 million including condominiums, attached and single- family homes increased 23% year over year, The City of Toronto continued to see $1 million-plus activity escalate in 2019, with sales over $1 million increasing 20%.