Sotheby’s International Realty Canada says that the strong economy and consumer sentiment will drive demand for $1m+ homes this year and Montreal will continue to build on the strength of the luxury market in 2017, which saw a 20% surge year-over-year.
“Montreal has been Canada’s ‘dark horse’ in luxury real estate. For many years, political uncertainty and a stagnant economy tethered performance, but those factors have now dissipated,” says Brad Henderson, President & CEO of Sotheby’s International Realty Canada. “This spring, we expect strong gains that will set new records for the city.”
There will also be good news for the high-end market in Calgary which Sotheby’s expects to strengthen despite some challenges. Overall, it is set to be an active buyers’ market.
And for the two largest metros?
“Rising prices and the lack of affordable options is continuing to pressure the Toronto and Vancouver markets. Consumers are deadlocked in their ability to buy and move – their diminishing willingness to transact is slowing activity,” says Henderson. “In Vancouver, the new housing measures introduced in February cast confusion and uncertainty into the consumer mindset. While demographic trends and housing needs will support the top-tier condominium market, disruption in the overall real estate market is inevitable.”