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Canada’s luxury real estate market is coming off a historic year, breaking numerous records as Toronto establishes itself as the leader in the Canadian luxury market.
Canada’s luxury real estate market broke records in 2021, led by the performance of the Greater Toronto Area. The country’s major metropolitan luxury real estate markets broke back-to-back records throughout 2021, as Canadians’ urgent demand for residential mobility, influenced by the pandemic, and increased confidence in the country’s economic recovery drove price increases and propelled markets to historic highs.
According to new data released by Sotheby’s International Realty Canada, the Greater Toronto Area has outperformed other Canadian markets in 2021. According to Don Kottick, president and CEO of Sotheby’s International Realty Canada, local demand was the main driver of the Canadian luxury and conventional real estate market in 2021, due to low interest rates, record cash savings and underlying anxiety about future stock market performance.
“The Canadian real estate market has been redefined in 2021. (…) In the luxury real estate market, one of the lasting influences of the pandemic has been the elevation of standards of what constitutes “luxury.” Today’s affluent consumers seek a caliber of architectural excellence, design, technology, service and amenities that meet high global standards. This willingness to invest in excellence will continue to foster a competitive environment for luxury real estate in the marketplace going forward,” he says.
The Greater Toronto Area
The Greater Toronto Area, including Durham, Halton, Peel, Toronto and York, has reached record highs in 2021. According to experts at Sotheby’s International Realty Canada, confidence in the local real estate market has been robust since the start of the pandemic. The fact that real estate is now a preferred asset class given low interest rates, inflationary pressures and heightened sensitivity in global financial markets has also fuelled local demand.
Sales of homes over $4 million were up 224 per cent from the previous year, and those over $10 million were up 238 per cent. In the city of Toronto, sales over $4 million and $10 million jumped by 188 per cent and 173 per cent, respectively.
Vancouver
The city of Vancouver’s luxury real estate market maintained a frenetic pace throughout 2021. Driven by pressing local demand for improved living spaces, vacation second homes and financial investments due to the impact of the pandemic, luxury sales ended the year at record prices and sales volumes across all housing types.
Overall, sales of luxury residential real estate over $4 million (condominiums, attached homes, and single-family homes) jumped 171 percent year-over-year to 410 properties sold in 2021. Overall, residential real estate sales over $1 million increased by 145% to 5,794 properties sold in 2021.
Montreal
The city of Montréal recorded steady gains in sales activity and prices, reflecting consumer optimism about the recovery of the job market and the economy. Low interest rates and the pandemic-related search for comfort continued to motivate buyers to prioritize their living space. In some sought-after neighborhoods, the hyper-competitive market within the city and the burgeoning demand for luxury real estate cascaded to surrounding areas.
Overall, sales of luxury residential properties over $4 million in the City of Montreal saw bold gains of 171% over the previous year, with a total of 41 units sold in 2021. Sales over $1 million increased 137% year-over-year, with 1,810 properties sold in 2021.
Read also >THE HUGE SHAPE OF LUXURY REAL ESTATE
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Canada’s luxury real estate market is coming off a historic year, breaking numerous records as Toronto establishes itself as the leader in the Canadian luxury market.
Canada’s luxury real estate market broke records in 2021, led by the performance of the Greater Toronto Area. The country’s major metropolitan luxury real estate markets broke back-to-back records throughout 2021, as Canadians’ urgent demand for residential mobility, influenced by the pandemic, and increased confidence in the country’s economic recovery drove price increases and propelled markets to historic highs.
According to new data released by Sotheby’s International Realty Canada, the Greater Toronto Area has outperformed other Canadian markets in 2021. According to Don Kottick, president and CEO of Sotheby’s International Realty Canada, local demand was the main driver of the Canadian luxury and conventional real estate market in 2021, due to low interest rates, record cash savings and underlying anxiety about future stock market performance.
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Canada’s luxury real estate market is coming off a historic year, breaking numerous records as Toronto establishes itself as the leader in the Canadian luxury market.
Canada’s luxury real estate market broke records in 2021, led by the performance of the Greater Toronto Area. The country’s major metropolitan luxury real estate markets broke back-to-back records throughout 2021, as Canadians’ urgent demand for residential mobility, influenced by the pandemic, and increased confidence in the country’s economic recovery drove price increases and propelled markets to historic highs.
According to new data released by Sotheby’s International Realty Canada, the Greater Toronto Area has outperformed other Canadian markets in 2021. According to Don Kottick, president and CEO of Sotheby’s International Realty Canada, local demand was the main driver of the Canadian luxury and conventional real estate market in 2021, due to low interest rates, record cash savings and underlying anxiety about future stock market performance.
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