The RE/MAX 2016 Spotlight on Luxury has arrived sharing the latest updates on trends on the luxury housing market in Canada. Sales of homes priced over $1 million were up year-over-year in Toronto, Vancouver, Calgary, Victoria and Oakville in the first nine months of 2016. In the Greater Toronto Area and Vancouver, Canada’s largest high-end housing markets, sales of $3 million-plus homes saw significant increases, of 86 per cent in the GTA and 41 per cent in Vancouver. See below for some highlights:
- While Vancouver sales of $1 million properties were up by three per cent overall, single-family home sales in that range declined by seven per cent year-over-year.
- The Greater Toronto Area’s market has experienced continued strong demand for luxury properties, with sales of homes over $3 million rising by 86 per cent year-over year.
- High demand in the GTA and Vancouver has resulted in a spillover effect in neighbouring luxury markets, as buyers look further out for more selection and value.
- Calgary’s luxury market has stabilized over the first nine months of 2016, and after a period of decline, sales of $1 million-plus homes were up 13 per cent year-over-year.
- Sales of luxury condominiums in Canada’s two largest luxury markets have experienced significant growth in 2016, driven by increasing demand from down-sizers, as well as limited inventory of single-family homes
How to Use the Report:
RE/MAX press releases and reports are distributed throughout the year and are designed to educate the public and our network on industry insights. A full download of the report and press release are always available on remax.ca.
Here are some examples of how you can use the 2016 RE/MAX Spotlight on Luxury:
- Provide a print out in your listing presentations
- Provide a copy at your open houses
- Keep a copy available for your clients to browse at your office
- Share with your network via email
- Encourage your clients to view the report using social media
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