Luxury home sales in Toronto fall off a cliff

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Toronto's luxury home market is always in flux, and it's exciting to watch how the richest among us live.

Recently, however, it seems the rich aren't buying as many homes as normal. A new report from Re/Max says the number of sales for luxury homes has fallen significantly since last year.

Sales of detached homes that sold for $2 million to $3 million fell about 50 per cent in Toronto since last year, and homes in the $1 million to $2 million range fell 35 per cent. Those over $3 million fell 45 per cent.

Re/Max cites a foreign buyer's tax and new lending regulations as the chokehold for the sales, and that many are hesitant to list their properties under the current conditions.

Lead photo by

barrycohenhomes

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