It seems that there is no trouble finding buyers for multi-million dollar homes in Canada’s major cities.
A recent press release by the Re/Max real estate firm shows a hot market for houses costing $3-million and up.
Recent additional taxes in Vancouver saw sales of single-family million dollar homes decline by seven percent. when, the British Columbia government instituted an additional foreign buyer tax in August which has slowed demand for single family homes by offshore buyers, primarily from China.
However, above that million dollar threshold, there was a 41 percent increase in homes of $3 million and more.
In the greater Toronto area (GTA), the high-end market has been even hotter with sales of $3-million plus homes rising 86 percent over last year.
“Demand for luxury homes remains very strong in the Greater Toronto Area, driven mainly by local move-up buyers, though foreign buyers continue to play a significant role as well,” said Pamela Alexander, CEO and Regional Owner, North America, RE/MAX INTEGRA.
Because of the superheated market in the major cities, buyers have been moving outward causing prices to rise there as well.
In Victoria British Columbia, sales of homes in the one million dollar region have jumped 82 percent over last year. This is attributed in large part to former Vancouver owners, relocating after retirement.
In Oakville, a suburb to the west of the GTA, sales of $1 million-plus homes increased by 111 per cent year-over-year, driven by price appreciation throughout the market as well as increased interest from foreign buyers.
Calgary considered Canada’s “oil” capital, which experienced a decline due to falling world oil prices saw prices decline, then stabilize, and has seen a 13 percent increase in sales of million dollar plus home in 2016 over 2015.
Meanwhile luxury condos in Toronto and Vancouver of over $2 million have seen rapid sales with a 42 percent increase in Toronto, and 60 percent in Vancouver compared to 2015
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