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Luxury home sales drop 35% in Toronto and Vancouver; high-end condo sales up

Luxury home sales in two of Canada’s most expensive markets are down from a year, as the high-end real estate market feels the effect of foreign buyers taxes.

In an annual report, realty brokerage Re/Max says sales of single-detached homes priced from $1 million to $2 million fell 35 per cent from a year ago in both Toronto and Vancouver.

Single-detached homes in the $2-million-to-$3-million range were down 50 per cent in Toronto and 22 per cent in Vancouver.

Homes that were sold for more than $3 million dropped 44 per cent in Toronto and 45 per cent in Vancouver.

Ontario and B.C. have introduced foreign buyers taxes, while B.C. has also increased property transfer taxes and school taxes on homes over $3 million.

Although luxury home sales are weakening, sales in the low-end of the luxury condo market in the cities saw increases driven mainly by millennials who are using their inheritances and baby boomers looking to downsize, the report said.

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