They are the entry-level home of choice for cash-strapped first-time buyers in the Toronto area. But condos are now also appealing to the rich — even they have to downsize.
Across the GTA, condo sales on units priced at $1 million or more rose to 758 in the first half of 2017, a 98-per-cent increase over the previous year, according to a report Monday from Sotheby’s International Realty Canada. Across the region, sales of units priced at $4 million or higher rose 150 percent, to 15 units.
Most of the region-wide sales activity — 670 condos — was in the $1-million to $2-million range. That was a 99-per-cent increase over the 336 units that sold in that category during the first half of 2016.
In Toronto, sales in the $1-million-and-up category rose 66 percent and accounted for 641 transactions.
Part of that increase is due to the overall rise in housing prices in the Toronto area, said Sotheby’s CEO Brad Henderson.
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