The GTA will most likely lead the market for dwellings over $1 million; as sales gather even more momentum and prices continue to rise. Good growth is also expected in Vancouver especially in Vancouver’s top-tier residential market. Increases in sales of homes priced over $4 million are expected. We expect both markets have good potential for significant gains and heightened demand and insufficient inventory to drive price escalation; and seller’s market conditions are expected to stay.
Canada’s weak dollar has made real estate more attractive to domestic & foreign buyers. Other market fundamentals have and will continue to have positive impact on market for dwellings of more than $1 million across Canada this spring.
In Alberta’s largest city, Calgary, continued economic instability due to trouble in the oilfields will keep increasing the number of homes available; further contributing to a decline in prices in markets for top-tier residences and for more typical homes.
Steady economic growth indicators in Quebec have enabled a balance in the Montreal market. Sales numbers of top-tier detached single-family homes, attached homes & condominiums are anticipated to be comparable to 2015’s levels.
In Vancouver, the first 2 months of this year saw sales of homes valued at more than $1 million increase 23% yearly to 770 units, of which 560 were single-family home sales – a 17% increase.
While the GTA remains attractive for foreign investors & immigrants; local demand will remain the main market driver. The Toronto market has seen a 62.5% increase in home sales topping $1 million; up to 1,650 units. 1,487 were single-family homes.
In comparison, the home sales of $1 million or more went up 23% in Montreal; 80 units in the first two months of the year. That’s a similar number as in Calgary, equivalent to a 1% decrease comparatively to 2015.
~
Would you like to super-charge your career with 40+ fresh & real leads per month? Just contact us for for information on our Canadian Real Estate Lead marketing system.
