Luxury houses market in Canada split into West and East, Bloomberg writes.

In Toronto sales of houses costing C$1 million and more grew by 19% in July and August compared with 2017, despite of slowing down in the beginning of this year. For transactions higher than C$4 million, the increase was even higher – 34%.

However, in Vancouver the trend is just opposite. The market there is still adapting to new rules, including provincial foreign buyer tax and speculative tax, along with rising interest rates in a country as a whole. Sales of houses valued C$1 million and higher fell by 24%, while sales of houses costing more than $4 million lost 33%.

Sales of houses in both cities declined in the first half of this year mostly due to tightening mortgages rules.

In Montreal sales of houses with price more than C$1 million is up 19%, in Calgary up 9%.