Canadian cities among leading luxury property markets globally

Toronto and Victoria are the premier luxury real estate destinations in the country and among the top high-end property markets worldwide, according to a new White Paper report by Christie’s International Real Estate and Canadian affiliate Chestnut Park Real Estate of Toronto.

The annual report, which surveys more than a hundred real estate markets across the globe, showed that the Toronto exhibited almost double the number of sales of high-end homes (properties priced U.S.$3 million and above) in 2016 compared to the year prior.

The Toronto urban luxury market’s intensity has also started affecting its feeder vacation home market Muskoka, which saw a 20 per cent year-over-year increase in value.

“The increase in sales volume is having a dramatic impact on supply, consistent with the urban market experience. The recreational marketplace is beginning to mirror Toronto,” Chestnut Park Real Estate CEO Chris Kapches said.

“Measured by unit, sales of million-plus homes were up 55% in Muskoka and 90% in Toronto,” the report added.

Meanwhile, “the Victoria BC market saw significant growth from affluent international buyers who were deterred by Vancouver’s new 15% foreign buyers tax.”

All in all, nationwide sales of luxury second-home or vacation homes increased by 36 per cent, a marked contrast to the situation south of the border with the U.S. suffering a 3 per cent decline. The trend is “reflecting a prevailing sense of uncertainty among buyers, particularly foreign buyers,” the report stated.

The full report can be accessed here.


Related stories:
Luxury condo inaugurated amid sharp increase in demand in Oakville
Frenzied bidding wars in Toronto forcing buyers to rush offers
 

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

COMMENTS

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

Industry news

Submit a press release

Poll

Should government update pot rules to prohibit growing in rentals?