High-Pressure Spring: Competition Intensifies in Canada’s Luxury Real Estate Market as Buyer Demand Surges
TORONTO, April 19, 2023 (GLOBE NEWSWIRE) -- Canada’s luxury real estate market saw muted sales activity in the first quarter of 2023, as a shortage of housing supply across every spectrum of the market compelled real estate sellers and buyers to delay market engagement to the second quarter. The country’s major metropolitan areas are primed to see a resurgence of newly pre-qualified and highly motivated home buyers across the luxury and conventional markets this spring, as those who paused their activity in 2022 renew their search, albeit with an empowered mindset that will deter significant price escalation. Despite buoyant consumer confidence and a level of demand that would typically prime the market for healthy activity, a deficit of property listings is expected to place a ceiling on potential spring sales, hampering the housing needs and aspirations of Canadians.
- Sales activity in the City of Vancouver’s luxury real estate market remained calm in the first quarter of 2023, a trend widely anticipated by both the real estate industry and consumers.
- According to Sotheby’s International Realty Canada, however, pent-up demand for both luxury and conventional housing is intensifying, and consumer confidence in the city’s real estate market remains buoyant.
- The return of bidding wars in premier neighbourhoods in the city’s conventional and luxury real estate market amplified anxiety for prospective homebuyers.
- For more information on Sotheby's International Realty Canada and the Top-Tier Real Estate: Spring 2023 State of Luxury Report, contact: