Luxury markets show impressive resilience 

While the country’s luxury real estate markets demonstrate impressive resilience, what impact, if any, the federal government’s recent mortgage reforms will have on the luxury sales remains up for debate.  

“In Canada, luxury home sales are defying broader market trends, particularly in major cities,” says Anthony Hitt, president and CEO of Engel & Völkers Americas. “In Toronto, we saw a remarkable 4.73 per cent-increase in sales prices for homes priced over $8 million” in the first half of the year.