Canada’s $1 million market trends upward

Despite all the negative press in Canada’s real estate market in the past six months, investors are still making their own decisions and putting money into the market, according to a new report.

The Top-Tier Real Estate Report, published yesterday by Sotheby’s International Realty Canada, showed that over $1 million sales in the residential real estate market continued to trend upward in 2014.

“We continue to see a lot of strength in terms of transaction volumes, as well as capital appreciation,” said Ross McCredie, president and CEO at Sotheby’s International Realty Canada. “And that’s the case across Canada.”

The GTA saw the strongest growth in 2014, with a sales volume increase of 38 per cent year-over-year, while Vancouver saw 25 per cent, Montreal saw 21 per cent and Calgary saw 16 per cent.

In fact, demand for single-family homes in the $1 to $2 million range, especially in cities like Toronto and Vancouver, escalated significantly.

“If you’re looking for a long-term real estate investment, if you buy a high-quality product in a good location, both Toronto and Vancouver are going to be very strong markets going forward,” said McCredie.

He also said that smaller markets, such as areas outside Toronto and Vancouver, are seeing strong growth, pointing specifically at Victoria, Kelowna and Whistler.

He added: “In the last six or seven months, we’ve seen more confidence in those markets, higher transactions and price increases.”
 

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Investment Hot Spots:
Habitant, Feltzen South, La Salle, Port Philip, North Grenville

COMMENTS

  • by TLiving by Pascale Schwander 2015-01-08 3:17:59 PM

    Happy to read an investment is Toronto is a good move.

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Poll

Have your investment plans changed for 2017?