Article content

First it was $1 million, then $2 million. How about $3 million? That’s what Re/Max says is the high end of the luxury housing market — one that has seen an explosion in sales.

The real estate company says Toronto and Vancouver had a huge surge in the number of $3-million homes sold in 2015.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or Price of luxury housing in Canada keeps going up as sales of $3-million homes surge Back to video

Over the first seven months of the year, the Greater Toronto Area saw 279 sales for $3 million plus, a 61 per cent jump from the same period a year earlier. Greater Vancouver had 572 sales in the same price category, a 79 per cent jump from a year earlier.

In Toronto, the average price of a detached home shot past $1 million this year before falling back while in the Greater Vancouver area, detached homes still sell for around $1.4 million.

The million dollar plus category had 7,249 transactions in the GTA over the first seven months of the year, a 55 per cent jump from a year ago. In Greater Vancouver, 2,649 homes sold for $1 million or more during the first seven months of the year, a 40 per cent increase from a year ago.