The performance of Canada’s major luxury real estate markets diverged in the first half of 2023, as some cities experienced a surge in momentum while activity waned in others, according to a new report from Sotheby’s International Realty Canada.
The performance of Canada’s major luxury real estate markets diverged in the first half of 2023, as some cities experienced a surge in momentum while activity waned in others, according to a new report fromThe data shows that despite challenges such as rising mortgage rates, economic uncertainty, and other macroeconomic factors, Canada’s major cities showed varying trends in their real estate performance.
According to the report, Vancouver saw a remarkable surge in activity in the second quarter and was restored to balanced conditions by the middle of the year. The most significant improvements were seen in the ultra-luxury single-family home market in both consumer sentiment and sales activity. When it comes to Toronto, the luxury real estate market in this city witnessed a strong resurgence of active and qualified buyers. However, demand for luxury homes surpassed the limited available inventory which led to rapid sales and created a seller’s market for single-family and attached homes until the end of May, before moderating to balanced conditions mid-year.
The rest of the Greater Toronto Area experienced an even more significant decline, with a 35 per cent drop in sales above $4 million-plus and a substantial 56 per cent decrease in sales above $10 million.
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