Canadian Luxury Sales Competing On World Class Levels
The luxury real estate market in both Toronto and Vancouver has experienced unprecedented growth, and the demand for lavish Canadian homes does not appear to be slowing down any time soon. In fact, these cities have recently been named in a top 10 list of markets for the most active luxury home sales.
Two separate studies released mid May looked at the luxury market in major Canadian cities. One found Toronto to be growing at the second fastest rate in the world. Sales of estates that are priced at $3 million (US) or more were up 48 per cent in Toronto from a year ago, placing the city just behind Aukland, New Zealand, on the list of 100 markets surveyed.
The other study confirmed that foreign purchasers are at least partially responsible for the booming market. Approximately 25 per cent of realtors surveyed in the second study maintained that a quarter of the properties in their area were purchased by foreign buyers.
Toronto’s real estate board reported this month that April prices for existing homes were up 16.2 per cent from a year ago, while Vancouver prices were up 25.3 per cent during the same period. And considering that we’re now entering real estate’s busy season, this trend should remain strong throughout the spring and summer months.
If you are interested in putting your estate on the market, Hammond International Properties would be pleased to assist you. Our professional team has the knowledge and experience to market your home on an international platform, and we will ensure your needs and expectations are satisfied.