Canada’s luxury real estate market has experienced “unprecedented levels of growth” throughout the first half of 2021 according to the recent Engel & Volkers Mid-Year Luxury Real Estate Market Report.
Though the real estate market across Canada has started to slightly ‘cool off’ since its record-breaking spring earlier in 2021, the overall forecast for luxury home markets across the country is expected to stabilize in the short term, while in the long is expected to increase, explains the report.
Many contributing factors to the continued demand for luxury real estate throughout Canada can include low-interest rates, shifting homeowner priorities, easy access to borrowing, and sayings from those who were employed throughout the pandemic.
Global demand is also expected to fuel many luxury real estate markets as borders start to re-open, especially in Canada’s larger cities like Vancouver and Montreal, reports Engel & Volkers.
“After an unprecedented run, premium real estate markets are normalizing across Canada’s most in-demand cities, and that’s a good thing. At a global level, Canada’s real estate market is largely undervalued. But with low housing inventory and the buyer frenzy we saw in the first half of the year, Engel & Völkers believes the unprecedented demand for luxury properties will sustain. Local demand for luxury housing increased exponentially during the pandemic and international buyers are excited to return after a year of border closures. 2022 will be a year to watch.” – Anthony Hitt, President and CEO, Engel & Völkers Americas
This market report has been provided by
Engel & Volkers
Engel & Volkers