Luxury homes sold at a frenetic pace through the pandemic, peaking in the first quarter of 2022 when sales of homes costing more than $4 million in the Greater Toronto Area soared 30 per cent from the year before. The pace has since “moderated,” the report said. Sales and prices are still up in the luxury sector, just not as much.Article content
“By mid-year, the Calgary luxury market was recalibrating to a healthy, active, but more balanced market. Sales velocity moderated, multiple offer scenarios became less frequent, and prices stabilized in many neighbourhoods,” the report said.Article content Vancouver was the laggard, moving from “frenzied” buying in the first quarter to a “retreat” in the second quarter. During the first half of 2022, luxury residential real estate sales, including condominiums, attached and single-family homes, declined 18 per cent year over year to 203 properties. Nine ultra-luxury residential sales were recorded in the first half, down from 16 a year earlier.