Canada’s Luxury Home Markets Remain Strong in the First Half of 2023
According to Engel & Volkers 2023 Mid-Year Canadian Luxury Market Report, luxury real estate markets across some of Canada’s largest centers have continued to show stable growth, and remain strong despite economic uncertainties.
“This year’s analysis reveals that amidst economic uncertainty, fluctuating interest rates, and forecasts of recession, Canada’s most sought-after premium markets are demonstrating resilience.” Says the report.
In Halifax, home prices have continued to increase throughout the last year, and now single-family homes over $1 million now make up almost 10 percent of the market, compared to last year’s 4.6 percent.
After a year of record-breaking sales, Montreal’s real estate market is beginning to normalize due to tight supply. According to the report, some areas of Montréal have seen property values increase by nearly $1 million in the last 10 years.
Ottawa’s luxury real estate market is predicted to see continued growth into the remainder of 2023 as home prices in the luxury range of $1M-3.99M increased 3% throughout the first half of 2023.
Luxury single-family homes in the Greater Toronto Area also displayed promising buyer interest, where the average sale prices of homes between $1 – 3.99 million range increased by 3.7 percent compared to January 2023.
In Vancouver, home prices in the $1 – 3.99 million segment have stayed relatively similar to February 2022’s high, thanks to a lack of available housing inventory adding strength to the seller’s market. According to the report, the number of homes in the luxury and ultra-luxury senators has increased in general.
Across the country, Canada’s leading centers are showing strength and resilience despite economic uncertainty. Buyer demand is expected to continue keeping single-family home prices stable across a limited inventory.