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Calgary and Montreal are on track to eclipse Toronto and Vancouver as Canada’s fastest growing luxury real estate market this year as rising consumer confidence boosts demand for homes over $1 million.

A new Sotheby’s report on the luxury sector shows sales of $1 million-plus homes in Montreal increased by 20 per cent to 104 units in the first two months of this year, while transactions in Toronto and Vancouver flagged amid headwinds from government policy interventions.

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“Montreal has been Canada’s ‘dark horse’ in luxury real estate,” said Brad Henderson, president and chief executive of Sotheby’s International Realty Canada. “For many years, political uncertainty and a stagnant economy tethered performance, but those factors have now dissipated. This spring, we expect strong gains that will set new records for the city.”

An uptick in luxury sales is also expected in Calgary as growth in the province’s gross domestic product exceeds expectations and an increase in oil prices, manufacturing exports and population flows improve consumer confidence. Sales of real estate priced over $1 million rose 45 per cent to 94 units in January and February compared to the same period a year ago.