The Luxury Real Estate Market in Canada Smashes New Records
The Canadian luxury real estate market is on fire, as more and more multi-million-dollar home sales continue to smash records. According to recent reports, when it comes to attached home sales worth over $4 million, Toronto has seen a 400-per cent increase, just since last year.
The situation is much the same in Vancouver, where they’ve seen a 300-per cent boost, year-over-year. A Montreal condo broke Sotheby’s condo sale price record with the sale of a nearly $13 million penthouse.
The real estate market in Calgary is also looking positive, with homes sales on properties topping $1 million seeing a more than 230-per cent increase since 2020. The luxury trend isn’t entirely unexpected.
As more people were forced to work from home last year, some of them started looking for a larger space to call home. The demand for more space and record low interest rates boosted real estate prices in some Canadian markets.
Even though some offices have since called employees back, some employers are now offering flexibility, allowing workers to split their time between home and the office. Some predict that will only help fuel a continued interest in luxury properties.