Sidelined buyers returned to the market in full force at the start of 2023, driving up sales of luxury homes across Canada. REMAXca | realestate realestatenews housingmarket luxury
3:45 PM Apr 4, 2023
The most significant jump was seen in Hamilton-Burlington, where activity increased 38.7% on a quarterly basis. Luxury sales rose 33.8% quarter over quarter in Calgary, and 21.4% in Greater Vancouver, while the Greater Toronto Area saw a more modest increase of 4.0%. In contrast, luxury sales fell 67.9% in St. John’s and 29.8% in Edmonton on a quarterly basis.
“Until we have the product coming to market, I don’t see sales getting back up to historic levels. We never got the flood of distress sales that many thought we would after interest rates rose so dramatically in such a short period of time,” Alexander said.
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