Some markets are struggling with the effects of rising mortgage rates, economic uncertainty, and macroeconomic headwinds more than others. Canada_SIR | realestate realestatenews luxuryrealestate realestatemarket
within Canada’s conventional real estate markets, so too have prospective purchasers in the luxury space.
Between January 1 and June 30, ultra-luxury residential sales over $10M climbed 38% compared to the same period in 2022. However, luxury residential sales over $4M dropped 18%, and residential sales over $1M fell 25% year over year in the first half of 2023. “When you get into the luxury and ultra-luxury segment, most homeowners don’t have mortgages. So while they do have an effect, interest rates have less of an impact on luxury buyers.”
Inventory grew in Montreal, leading to a “continued moderation” of the market in the first half of 2023. Overall $4M-plus residential sales declined 39% compared with a year prior, while sales over $1M dropped 28% annually. Dwindling sales gave buyers the upper hand, leading to an increase in conditional offers, price adjustments, and days on market.
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