It’s been a good year so far for luxury real estate in several Canadian cities.
The recently released “Spotlight on Luxury” report from Re/Max Holding, Inc. found that through the first seven months of 2015 Toronto, Vancouver, Montreal and Victoria posted double-digit year-over-year gains in sales of homes priced over C$1 million (US$760,000).
Canada’s two largest luxury real estate markets turned in even more impressive performances at a higher price point. From January 1 to July 31, Toronto and Vancouver achieved year-over-year growth of 119% and 79%, respectively, for homes priced at C$3 million (US$2.27 million) or more.
Why such gangbusters growth?
The increase of sales at the top-end of the luxury market can be attributed to two factors. One is overall price appreciation in both markets, driven by low inventory and high demand for single-family homes that has led to more homes meeting the higher dollar threshold. A second factor is high demand for luxury homes from foreign buyers in both markets.
RE/MAX brokers and agents reported that foreign buyers have continued to drive demand in the Vancouver and Toronto luxury markets in the first half of 2015. These buyers, primarily from China, are typically families with children who are relocating to Canada to live. They’ve chosen Canada for its stable economy and high quality of life, and their real estate decisions are strongly influenced by proximity to good schools.
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