03/13/2018 11:22 EDT | Updated 03/13/2018 14:32 EDT

Greater Toronto Luxury Home Sales Drop 60%, Report Shows

The region has seen 76 sales this year, compared to 180 a year ago.

A sold sign is shown in front of west-end Toronto homes Sunday, April 9, 2017. Luxury home sales in the Toronto, Oakville and Hamilton-Burlington areas have fallen by 60 per cent, RE/MAX says.

TORONTO — Luxury home sales in the Greater Toronto Area, Oakville and Hamilton-Burlington have fallen by almost 60 per cent year-over-year, according to a RE/MAX report.

The real estate company says 76 freehold and condominium properties in the GTA sold for more than $3 million between Jan. 1 and Feb. 28, down from 180 sales during the same period last year.

In Oakville, six homes in the same price range sold early this year, in comparison to 15 a year ago.

Earlier on HuffPost Canada:

Homes priced above $1 million in Hamilton-Burlington saw a 55 per cent drop to 59 homes sold at the start of the year from 133 in 2017.

Though RE/MAX says the luxury market's record-breaking pace from last year has slowed, it is still expecting plenty of activity this year.

Already RE/MAX says it has seen increases in luxury home sales in the GTA's Kingsway/Princess Anne Manor and Rosedale neighbourhoods, where 10 homes have sold so far this year, including the most expensive one for $8.4 million.

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