{"id":10725,"date":"2018-11-06T11:11:32","date_gmt":"2018-11-06T19:11:32","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10725"},"modified":"2018-10-29T08:40:08","modified_gmt":"2018-10-29T15:40:08","slug":"luxury-condo-segment-continuously-drawing-in-buyers","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/11\/luxury-condo-segment-continuously-drawing-in-buyers\/","title":{"rendered":"Luxury Condo Segment Continuously Drawing in Buyers"},"content":{"rendered":"<p style=\"text-align: justify;\">Toronto and Vancouver condo units in the $1-2 million price range have attracted a healthy proportion of buyers over the past few years, according to the 2018 RE\/MAX Spotlight on Luxury Report.<\/p>\n<p style=\"text-align: justify;\">Christopher Alexander, executive vice president and regional director of RE\/MAX INTEGRA Ontario-Atlantic Canada Region, credited two notable demographics for the luxury sector\u2019s vitality.<\/p>\n<p style=\"text-align: justify;\">\u201cMany Canadian Baby Boomers saw the strength of the real estate market over the past two years as an opportunity to cash-in, downsize and upgrade into the luxury market for retirement,\u201d Alexander explained.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019re also seeing an emerging trend of Millennials entering the lower end of the luxury condo market, as they tap into their inheritance to invest in this popular property segment.\u201d<\/p>\n<p style=\"text-align: justify;\">Toronto saw its luxury condo sales rise by a relatively modest 2% year-over-year. Meanwhile, Vancouver\u2019s had a 6% increase.<\/p>\n<p style=\"text-align: justify;\">Toronto\u2019s priciest condo sold for $11.5 million this year, representing a significant 44% upward spike from $8 million in 2017. Vancouver\u2019s most expensive condo sold for $11.7 million, growing by 34% from 2017\u2019s $8.7 million.<\/p>\n<p style=\"text-align: justify;\">On the other hand, the single-detached housing market continued to labor under pressure from the foreign buyers\u2019 tax. Luxury single-detached sales went down by 37% in Toronto and 31% in Vancouver.<\/p>\n<p style=\"text-align: justify;\">\u201cThe foreign buyers\u2019 tax has impacted overseas activity, opening more opportunities for local buyers to enter the luxury market,\u201d RE\/MAX of Western Canada executive vice president Elton Ash said.<\/p>\n<p style=\"text-align: justify;\">\u201cAs a result, local buyers are driving demand for luxury condos going into 2019, which is welcome news for developers in major city centres looking to build more properties.\u201d<\/p>\n<p><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/luxury-condo-segment-continuously-drawing-in-buyers-249821.aspx\" target=\"_blank\" rel=\"noopener\">Luxury Condo Segment Continuously Drawing in Buyers<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Toronto and Vancouver condo units in the $1-2 million price range have attracted a healthy proportion of buyers over the past few years, according to the 2018 RE\/MAX Spotlight on &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/11\/luxury-condo-segment-continuously-drawing-in-buyers\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-10725","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Luxury Condo Segment Continuously Drawing in Buyers &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/11\/luxury-condo-segment-continuously-drawing-in-buyers\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Luxury Condo Segment Continuously Drawing in Buyers &#8226; 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