High-end homes still hot
OTTAWA—Canada’s housing market may be cooling but there’s no loss of appetite for high-end real estate, according to Sotheby’s International Realty Canada.
The realtor said in a new report that sales of homes worth more than $1 million boomed in the first half of 2014.
Vancouver and Toronto continue to lead the way with sales of homes worth $1 million or more increasing 34 percent compared with the first six months of 2013.
That was followed by Calgary, with a 17 percent increase, and Montreal with an 11 percent gain—even though Quebec’s largest city posted an overall decline in sales in 2013.
Sotheby’s said that given Canada’s strong economic fundamentals, improved consumer confidence, and super-low lending rates, all markets are expected to gain momentum in the second half of the year.
Sotheby’s added it also expects international demand in top-tier real estate to remain robust despite the removal of Canada’s immigrant investor class program.
The realtor said sales of high-end homes were strong in all segments, from single family to attached homes and condominiums in the first six months of 2014.
Despite worries about a condo bubble in Toronto and Vancouver, it said there has been no sign of let-up so far this year.