Unlocking Opportunity: Canada’s Luxury Real Estate Market Primed for Buyers Amidst Price & Rate Stability
TORONTO, Jan. 31, 2024 (GLOBE NEWSWIRE) -- Canada’s metropolitan luxury real estate market evolved over the course of 2023 as buyers emerged from the sidelines with newly altered housing preferences and sharpened priorities, as well as negotiating power that steadily increased as the year progressed. Although overall sales activity was subdued by a volley of stressors that ranged from economic and geopolitical shocks to interest rate hikes, persistent inflation and regulatory changes, high-end buyers remained engaged and strategic. By the end of 2023, as segments of the country’s major metropolitan markets saw softening prices, and an increase in inventory and conditions that leaned in favour of buyers, the collective resilience and preparation of affluent home buyers and investors became apparent. Following years of unyielding constraints on luxury housing supply, affluent buyers and investors were primed to seize opportunities for upward housing mobility in a favourable market with replenished inventory and still-limited competition, foreshadowing strategic sales activity in early 2024.
- Vancouver’s luxury real estate market experienced a dramatic transformation over the course of 2023, as single family homes emerged as a focal point for luxury buyers.
- The City of Vancouver’s luxury real estate market underwent a dramatic transformation over the course of 2023.
- In the final quarter of 2023, a rise in conventional and luxury real estate inventory tilted the market in further favour of purchasers and tipped the city’s luxury condominium market firmly into buyers’ market territory.
- Despite these influences, Montreal’s luxury real estate market is well positioned for stability, according to Sotheby’s International Realty Canada experts.