“While the impact of foreign buying on Canada’s overall residential real estate market is small, we see it growing in importance in the luxury market,” said Phil Soper, president and chief executive officer, Royal LePage.
The brokerage’s report on the luxury property market reveals that 84 per cent of realtors say that luxury properties are generally bought as primary residences, especially by couples and often with children living at home.
While most markets are strong in the luxury sector, Alberta is in decline; 60 per cent of realtors say conditions have worsened in the last year and 64 per cent believe they will continue to be weak for the rest of 2016.
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At least 25 per cent of luxury homes across Canada are bought by foreign buyers according to 1 in 4 realtors. That’s according to a survey by Royal Le Page which found that two thirds of realtors believe that foreign buyer activity has increased over the past decade.