The high-end luxury market in Canada continues to defy the critics, according to new figures.
Despite expectations of a major slowdown in Canada’s luxury-home market, sales in three key urban markets recorded double-digit gains last year.
Sales of homes worth $1 million or more were significantly higher in Vancouver, Toronto and Calgary in 2013 compared to the year before, according to the latest figures from Sotheby’s International Realty Canada.
Vancouver’s appeal to high-end investors shows no sign of abating with a 19 per cent increase in sales, albeit from a very sluggish 2012. The greatest gains were in the $4 million plus price segment, increasing by 48 per cent.
Local market conditions, primarily the booming oil and gas industries, are also attracting high net-worth investors with the city enjoying a 33 per cent gain in this market. “Rising international immigration, inter-provincial migration and foreign investment continue to put Calgary in an enviable economic position,” the report said. “Entering 2014, the outlook for high-end properties and neighborhoods remains strong.”
Toronto recorded a 13 per cent hike, with Montreal the only major urban centre to post negatives sales growth of eight per cent. “2013 proved to be a year that defied many analyst predictions. We expect to see continued growth in western Canada’s high-end housing market, specifically in attached and single family homes in Vancouver and Calgary,” says Sotheby’s International Realty Canada CEO, Ross McCredie. “Entering 2014 we also anticipate Toronto maintaining its current upward sales trajectory.”
A total of 5,449 properties, including condominiums, attached and single family homes in the category sold in 2013.
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