The Toronto region’s high end housing category is suffering from the same plunging sales and inventory levels that have pervaded the overall real estate market in the third quarter of this year.
In July and August, real estate selling for over $4 million, including all types of houses and condos, dipped 42 per cent annually with few listings in what the company calls “premier neighbourhoods.” “From our perspective we’re coming off two years of what has been an anomaly, a record setting market that wasn’t sustainable,” said CEO Don Kottick. “We see buyers and sellers behaving the way we expected them to.”
That’s because people who fled the city in the first part of the pandemic are now looking to come back downtown, said Maureen O’Neill, a Sotheby’s manager and agent.
Won’t somebody think of the luxury buyers?!