As pretty much the entire Canadian housing market heats up, Sotheby’s Canada recently reported that luxury home sales across the country are right there alongside it. The report sees ‘strong gains’ coming to homes costing $1 million or more, and not just in Vancouver or Toronto.
But, those two cities still lead the pack. Homes over $4M in Toronto saw an insane increase in sales during the first two months of 2021, up 157% when compared to last year. Vancouver was a little more tame, up some 41% on 2020 sales. And in the prairies, home sales over $1M in Calgary shot up 119%.
In today’s market, buyers are turning to regions that offer access to nature & amenities, dedicated spaces for remote work, and move-in-ready houses. Brokers reveal which neighbourhoods are emerging as the next hot spots: https://t.co/Ej4HEHjYTn #realestate #canadasir pic.twitter.com/mTeUfNdjIC
— canada_sir (@Canada_SIR) March 30, 2021
According to Sotheby’s, there seems to be a perfect storm driving the sales. They’re predicting ‘waves’ of both local and international buyers this year, who are motivated by an ‘unprecedented access to cash’ and low-cost borrowing available. How will things shake out? We’re not sure! But we’re eager to follow along.
If you’d like to check out the luxury home report for Canada this year, just click this link! Happy house hunting, or dreaming, which is usually what we’re up to.