While data show many potential homebuyers are sitting out of Toronto’s real estate market for now, it appears that those shopping for the GTA’s most expensive homes are doing the opposite.

Sales of ultra-luxury homes worth more than $10 million in the Greater Toronto Area are up 200 per cent for the first half of this year compared to the same period last year, according to a new report from Sotheby’s International Realty Canada.

“Residential sales in Canada’s largest luxury real estate market declined in the first half of 2025 as uncertainty slowed activity across much of the Greater Toronto Area (GTA),” the report says. “However, the region’s ultra-luxury real estate market defied headwinds, while sales activity in several of Toronto most prestigious neighbourhoods remained resilient.”

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