Stability and Growth Define Canada Luxury Real Estate Market in 2024
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Luxury real estate in Canada's major markets has remained stable, with fewer price changes compared to the mainstream housing sector. In the first eight months of 2024, luxury home sales saw an increase in most regions, except in Vancouver, Toronto, and Halifax. While prices experienced slight fluctuations, the overall demand for luxury properties stayed steady.
The luxury market is characterized by buyers who are patient and deliberate in their purchases, often taking their time to find the perfect home. This segment operates at a slower pace due to the higher price point and narrower buyer pool, giving luxury buyers more control. Notably, the Prairie provinces and Quebec City saw significant growth in sales.
Macroeconomic confidence drives the luxury market, as affluent buyers are less affected by high interest rates and often prefer resale properties over custom-built homes. The federal ban on foreign buyers, initially implemented in 2023, has had minimal impact on luxury prices or inventory, with experts predicting continued strong activity in the upcoming months.
Read the full article on: REAL ESTATE MAGAZINE
