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A Toronto realtor says in a new study out Monday that $5 million home sales are taking off across the city, aided by international buyers.

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Soaring housing prices have made Vancouver a city of paper millionaires and multimillionaires, a change Peter McMartin fears does not bode well for the city’s future.

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Real estate prices in the city made headlines in 2015 when the average sale price of a detached home crossed $1 million, but Barry Cohen, a luxury realtor in Toronto, says keep an eye on those $5 million homes. He said 77 units sold for $5 million or more last year — a 108 per cent increase from 2014 when there were only 37 sales in that price range.

The dollar value of all those luxury sales crossed $500 million in 2015.

“Tight market conditions prevailed throughout much of the year, with fewer ultra high-end listings coming to market overall, particularly in prestigious enclaves south of the 401,” said the Re/Max broker, referring to the major highway that cuts east-west across the city. “Pent-up demand is expected to carry over into 2016, with affluent purchasers waiting patiently in the wings for the right product.”