Canadian luxury home activity gives new meaning to global warming – this part of the world is enjoying a hot upper tier market.
The first seven months of this year have seen Canadian luxury home market sales jump in major markets from Victoria to Toronto. “The consumer appetite for luxury property has been insatiable,” says Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada.
“Unabated demand throughout the year has created tight market conditions in a number of blue chip neighborhoods. Limited availability of product has, in turn, placed mounting upward pressure on housing values. As a result, the million dollar home no longer holds the same cachet it once did and in larger markets such as Vancouver, Calgary, and Toronto, it’s simply a starting price.”
The table below reflects the strength of the upper tier housing market in six major Canadian cities.