Canada's luxury housing market is shifting in favor of buyers as inventory rises and prices stabilize in major cities like Vancouver and Toronto, according to a recent report by Sotheby’s International Realty. Increased listings and moderated prices are easing the market's traditionally high competition, making this the most favorable period for luxury homebuyers since 2017. The report attributes this trend to economic adjustments, leading to conditions that benefit those looking to buy luxury properties.
In Vancouver, rising inventory in the luxury condo market has created a buyer’s market, while single-family homes, though still in demand, also show signs of slower sales. Economic factors and high costs of living have contributed to the shift, allowing buyers more negotiating power in typically high-demand neighborhoods. Toronto sees similar trends, with a slight uptick in luxury home availability and sellers becoming more willing to adjust prices.
Meanwhile, Calgary has maintained strong growth in luxury sales due to a healthy economy and affordable options compared to other cities. Record migration to Alberta has driven demand, with Calgary's luxury market seeing a significant increase in million-dollar home sales. Attached homes have especially benefited from a high volume of “move-up” buyers.
This shift in Canada’s luxury market offers a rare opportunity for potential buyers. With stable prices, more listings, and favorable mortgage rates, industry experts suggest this is an ideal time for those interested in luxury properties to make their move.
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