2012 Top-Tier Housing Sales on the Rise in Major Canadian Centres Amidst Tightening of Mortgage Rules, Says Sotheby's International Realty Canada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 16, 2012) - The latest report of Canada's top-tier real estate highlights continued momentum among residential listings, according to a report released today by Sotheby's International Realty Canada.

In spite of clear differences among Canada's four largest urban markets, home sales over $1 million showed a steady upward trend in the first half of 2012, with Toronto, Calgary and Montreal all reporting double digit sales growth in homes over $1 million.

The bi-annual report, compiled by Sotheby's International Realty Canada, examines the number of million dollar-plus residential properties sold from January to June 2011 and 2012 in Vancouver, Calgary, Toronto and Montreal. The report compares the sales volume, number of days on market, inventory of listings and percentage of homes sold over the asking price.

In Calgary, the first half of 2012 showed a 19 per cent increase in the million dollar-plus sales category, compared to the first half of 2011 (January to June). Along with increased sales volume, Calgary also saw a dramatic spike in the volume of properties listed in excess of $1 million. 2012 inventory in Calgary showed an increase of 92 per cent over the same timeframe last year, with listing numbers jumping from 474 homes listed for sale at $1 million-plus to 908 homes.

In Vancouver, the 2011 to 2012 comparison of properties over $1 million, showed that the reigning hotspot for million dollar listings is experiencing a similar correction to conventional properties in the area. In the first half of 2011, 1,996 million dollar-plus properties were reported sold (compared to the latest 2012 data showing a 35 per cent decrease, with 1,291 properties sold for the same period). Inventory of properties asking $1 million or more also rose 11 per cent in 2012, increasing from 3,518 (in 2011) to 3,913 (in 2012).

Moving east, Toronto topped the list, reporting the largest growth in the high-end real estate segment in the country. In the first half of 2012, the Greater Toronto Area (GTA) reported a 29 per cent increase in sales, generating 3,113 transactions of million dollar-plus properties, compared to 2,405 in the first half of 2011. The inventory of listings in the GTA also rose 31 per cent from 6,193 homes listed over the $1 million price point to 8,105 listings.

Montreal experienced similar growth in both the sales and inventory of million-dollar real estate. In 2012, Montreal reported a 15 per cent sales increase with the first half of the year reporting 227 transactions exceeding a million dollars, compared to 196 in 2011. The volume of top-tier listings also increased 11 per cent from 590 in 2011 to 656 in 2012.

According to Sotheby's International Realty Canada CEO, Ross McCredie, "Given the transition occurring in international economies like Europe and Asia, the value and stability of luxury property in Canada has become an increasingly recommended asset."

For more information and details on Sotheby's International Realty Canada's and the Top-Tier Real Estate Report visit http://www.sothebysrealty.ca/Real-Estate-Report or see contact information below.

About Sotheby's International Realty Canada

Combining the world's most prestigious real estate brand with local market knowledge and specialized marketing expertise, Sotheby's International Realty Canada is the leading real estate sales and marketing company for the country's most exceptional properties. With offices in over 20 residential and resort markets nationwide, our professional associates provide the highest caliber of real estate service, unrivaled local and international marketing solutions and a global affiliate sales network of approximately 600 offices in more than 45 countries to manage the real estate portfolios of discerning clients from around the world.

Disclaimer

The information contained in this report references market data from MLS boards across Canada. Sotheby's International Realty Canada cautions that MLS market data can be useful in establishing trends over time, but does not indicate actual prices in widely divergent neighborhoods or account for price differentials within local markets. This report is published for general information only and not to be relied upon in any way. Although high standards have been used in the preparation of the information and analysis presented in this report, no responsibility or liability whatsoever can be accepted by Sotheby's International Realty Canada or Sotheby's International Realty Affiliates for any loss or damage resultant from any use of, reliance on, or reference to the contents of this document.