Canadian Luxury Real Estate Market Soars

Toronto and Vancouver Are Luxury Real Estate Hotspots

First Published Date: September 27, 2015

In a recent report, Sotheby’s International Realty Canada mentions that luxury real estate in Canadian cities, especially in Toronto and Vancouver, will rise for the rest of 2015. This is mainly due to strong international demand.

Sotheby’s predicts that Toronto and Vancouver will see rise in sales for luxury condos worth more than $1 million, but the highest gains will be over $4 million category homes.

In Montreal, the real estate market is balanced but luxury property demand will continue to increase.

In Calgary, luxury property sales declined in the first half of 2015 due to the declining gas and oil industry and likely will continue to decline.

There are several factors driving the demand for luxury properties. Low interest rates, increased international demand (due to stock market turmoil and slowing economy in foreign markets), and limited inventory are only a few to mention.

Although there has been a lot of speculation in the Canadian real estate market (that it will meltdown), Canada is still considered a place with economic and political stability that makes global real estate investors flock to the nation.