{"id":7014,"date":"2017-09-28T11:11:57","date_gmt":"2017-09-28T18:11:57","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=7014"},"modified":"2017-09-25T10:41:07","modified_gmt":"2017-09-25T17:41:07","slug":"canadas-biggest-luxury-real-estate-markets-will-unfold-this-fall","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/09\/canadas-biggest-luxury-real-estate-markets-will-unfold-this-fall\/","title":{"rendered":"Canada&#8217;s Biggest Luxury Real Estate Markets will Unfold this Fall"},"content":{"rendered":"<p style=\"text-align: justify;\">Montreal is expected to be a \u201cluxury real estate hot spot\u201d this fall after an elevated summer, while both the Greater Toronto Area (GTA) and Vancouver should regain momentum following a pullback in high-end sales activity, says Sotheby\u2019s International Realty Canada.<\/p>\n<p style=\"text-align: justify;\">On Tuesday, the luxury real estate brokerage published its 2017 Fall Market Forecast, which predicts that top-tier real estate ($1 million-plus) will improve in the fall in Canada\u2019s largest metros: Greater Toronto Area (GTA), Vancouver, Calgary and Montreal.<\/p>\n<p style=\"text-align: justify;\">But Montreal is expected to steal the show in the coming months after seeing an \u201cexceptionally heated\u201d summer market.<\/p>\n<p style=\"text-align: justify;\">\u201cWhat we saw in the summer was a significant pull ahead in the Montreal market relative to its past performance,\u201d Brad Henderson, Sotheby\u2019s International Realty Canada\u2019s President and CEO tells BuzzBuzzNews.<\/p>\n<p style=\"text-align: justify;\">\u201cBut it stood out all the more because the Toronto market had retrenched a bit in terms of its activity relative to the early part of the year, and also because Vancouver is still recovering from the concerns that people had with respect to the foreign-buyer tax that was introduced last year,\u201d he adds.<\/p>\n<p style=\"text-align: justify;\">In July and August, 115 properties priced at over $1 million sold in Montreal, a 60% increase over the same months in 2016. Condos, attached homes and single-family homes are included in Sotheby\u2019s report.<\/p>\n<p style=\"text-align: justify;\">Henderson says activity surged in Montreal\u2019s luxury market thanks to low unemployment and a healthy economy boosting local consumer confidence.<\/p>\n<p style=\"text-align: justify;\">With the economy expected to improve further, Sotheby\u2019s predicts the top-tier market will accelerate throughout the remainder of 2017.<\/p>\n<p style=\"text-align: justify;\">In the GTA, luxury real estate sales over $1 million soared 41% year-over-year in the first six months of the year, despite the Ontario Fair Housing Plan introduced in April.<\/p>\n<p style=\"text-align: justify;\">The legislation for the Greater Golden Horseshoe, which includes Toronto consisted of a foreign-buyer tax, similar to the levy introduced in Vancouver a year ago, in an effort to cool the market.<\/p>\n<p style=\"text-align: justify;\">In July and August, top-tier real estate activity slumped in the GTA with sales over $1 million dropping 39 per cent year-over-year to 1,926 properties sold. Meanwhile, luxury sales over $4 million fell 29% to 35 units sold compared to a year ago.<\/p>\n<p style=\"text-align: justify;\">Going forward, Henderson says high-end activity in the GTA is expected to moderate to healthier levels with the help of a strong economy, but it will take time to strengthen consumer confidence.<\/p>\n<p style=\"text-align: justify;\">\u201cWe believe that the Toronto market place is going through a very similar reflection period that Vancouver went through. We think that the Toronto market will go through it faster because the [foreign-buyer] tax was expected and they understand from the case study of Vancouver that it isn\u2019t going to necessarily collapse the market,\u201d says Henderson.<\/p>\n<p style=\"text-align: justify;\">Vancouver\u2019s luxury market saw a slight upswing in sales in the summer months compared to its slowdown seen in the first six months of the year.<\/p>\n<p style=\"text-align: justify;\">A total of 598 properties over $1 million sold in Vancouver in July and August, up 5% compared to a year ago. However, high-end sales over $4 million fell 21 per cent to 46 units sold.<\/p>\n<p style=\"text-align: justify;\">According to Sotheby\u2019s, Vancouver\u2019s gains in the summer were driven by condo sales over $1 million.<\/p>\n<p style=\"text-align: justify;\">In spite of Metro Vancouver\u2019s foreign-buyer tax, Vancouver\u2019s strong economy has restored local consumer confidence in top-tier real estate, says Henderson.<\/p>\n<p style=\"text-align: justify;\">\u201cWe expect to see that activity will increase over the coming months and that there will likely be upward pressure on price,\u201d he says.<\/p>\n<p style=\"text-align: justify;\">Calgary\u2019s luxury market remained stable this summer compared to a year ago.<\/p>\n<p style=\"text-align: justify;\">In July and August, a total of 112 properties over $1 million changed hands in the city, in line with the 111 properties sold last summer.<\/p>\n<p style=\"text-align: justify;\">As Alberta recovers from its recession, activity in Calgary\u2019s high-end market in the fall will be dependent on various factors, including unemployment rates, rental vacancy rates and population growth.<\/p>\n<p style=\"text-align: justify;\">Overall, Canada\u2019s luxury real estate is forecast to improve in the fall thanks to a booming economy and emerging consumer confidence.<\/p>\n<p style=\"text-align: justify;\">\u201cI think we\u2019ll see continued activity in all of the markets but particularly in Toronto, Vancouver and Montreal. As more demand continues to be in the marketplaces, it\u2019s going to continue to want more product and it is going to continue to put upward pressure on price,\u201d says Henderson.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2017\/09\/canadas-biggest-luxury-markets-unfold-fall.html\" target=\"_blank\" rel=\"noopener\">Here&#8217;s How Canada&#8217;s Biggest Luxury Real Estate Markets will Unfold this Fall<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Montreal is expected to be a \u201cluxury real estate hot spot\u201d this fall after an elevated summer, while both the Greater Toronto Area (GTA) and Vancouver should regain momentum following &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/09\/canadas-biggest-luxury-real-estate-markets-will-unfold-this-fall\/\">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-7014","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Canada&#039;s Biggest Luxury Real Estate Markets will Unfold this Fall &#8226; 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