In a recent report, global real estate firm Engel & Völkers outlined the most promising luxury property trends in four major Canadian cities – namely, Vancouver, Toronto, Montreal, and Calgary.
The report came amid findings that the highest asking price for a detached home in the first three quarters of 2017 was $35.8 million, for a property in Vancouver’s Shaughnessy neighbourhood.
International buyers are the main drivers of activity in Vancouver luxury housing, comprising 85% of the transactions in that market segment. The largest buyer group hails from China, followed by French and German nationals. The city’s small-scale lofts are proving especially popular among wealthy millennials.
Strong demand driven by robust population growth along with scarce supply will ensure steady growth in the Toronto luxury segment. In stark contrast to Vancouver’s conditions, domestic buyers comprise 80% of the city’s luxury purchases. The relatively small proportion of international buyers comes mostly from China and Iran.
Read more: Majority of Canadians see real estate as a good long-term investment
Low inventory and high demand will impel strong price increases in Westmount and Sud-Ouest this year. Would-be buyers are strongly encouraged to look out for Pointe St-Charles, which is likely to be the next great investment neighbourhood.
Calgary’s West Side and inner city are projected to attract the most interest from developers and buyers in 2018, with the planned opening of an Amazon site slated to create 750 new jobs giving the property market an extra boost.
The highest-end residential addresses in the city include downtown Calgary, West and Northwest Calgary, and Pump Hill.
Gov’t can ease young home buyers’ financial woes – CREA
Canada debt-to-household-income ratio grows to 171% – StatsCan
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