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Original article via Financial Post.

A $20 million (US$16 million) penthouse with views of downtown Toronto and Lake Ontario helped luxury condominiums shatter sales records in Canada last year, bucking a cooling trend in the rest of the housing market.

The 7,000-square-foot (650-square-metre) residence in the city’s Bloor Street area was the most expensive condo sold in the country in 2017, according to Sotheby’s International Realty Canada. Sales of condos with a price tag above $1 million surged 59 per cent in Toronto, 27 per cent in Vancouver and 49 per cent in Montreal.

Foreign buyers and affluent baby boomers looking to downsize helped keep condo prices growing at double-digit rates in Canada’s major cities in 2017.

 

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