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Luxury Home Buying Shifting into High Gear - Toronto - Canada's Podcast Canada’s Podcast
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In this video interview, Samantha Villiard, Regional Vice President, RE/MAX Canada, discusses the real estate company’s latest luxury home market report.
Samantha Villiard
FULL PRESS RELEASE TORONTO, April 2, 2024 /CNW/ — With the end of quantitative tightening in sight, luxury home-buying activity in most markets across the country are slowly shifting into high gear as buyers reap the benefits of softer housing values, according to a report released today by RE/MAX Canada.
RE/MAX Canada’s 2024 Spotlight on Luxury Report examined luxury home-buying activity in 10 markets across the country in the first two months of the year and found that, despite a disconnect between buyers looking for deals and sellers’ price expectations, almost all regions reported a strong start to the year. Ninety per cent of markets experienced an increase in high-end sales, with more than two-thirds recording double-digit growth. Saskatoon led the country in terms of percentage increases, with a 57-per-cent uptick in luxury home sales, followed by Montreal at almost 56 per cent and Calgary at 52 per cent. Edmonton posted a 32-per-cent increase in luxury sales year-over-year, while Winnipeg, Halifax, Toronto and London reported increases of 19.4 per cent, 16.7 per cent, 14.4 per cent, and 9.4 per cent respectively. Only Ottawa saw a decline compared to year-ago levels, with sales down nearly eight per cent.
“While figures remain off peak levels reported during Covid, the upswing in luxury sales signal a return to overall health in the country’s major centres,” according to RE/MAX Canada President Christopher Alexander. “The ripple effect is already underway, with stronger home-buying activity at lower price points pushing sales into the upper end. In some cities where inventory levels are particularly challenging at the lower end, multiple offers have returned with a vengeance. While that isn’t the case at the top end, pent-up demand does exist, and activity is gaining momentum.”
Lower overall values, strong equity gains and downward trending interest rates are supporting demand for luxury product including freehold and condominium properties in markets across the country. While a disconnect is somewhat hampering activity in larger markets, with sellers holding out for Covid-era values and buyers seeking bargains, those serious about making moves are finding common ground. An ample supply of product exists in most markets, although some neighbourhoods are experiencing exceptionally low inventory levels at sought-after price points. An influx of fresh, new properties in the spring will renew buyer interest and activity, but chronic supply issues will likely persist at the entry level to luxury.
“Equity continues to play a significant role in the marketplace, driving demand at the top end of the market,” explains Alexander. “Although overall gains have been elusive in recent years, a good percentage of buyers who purchased in 2018 and 2019 are well positioned to make their next moves. For example, in the Greater Toronto market, buyers who purchased homes at an average price in 2018 saw equity rise by almost 43 per cent by the end of 2023 ($787,842/$1,126,591). These buyers are coming to the table with a larger downstroke and reduced risk from a lending perspective.”
Luxury home-buying activity is also undergoing change as a younger demographic moves into the upper end of the market. Demand is strongest for newer, well-appointed homes in traditional hot pockets. Turnkey properties are most coveted, although there are some buyers that are willing to renovate. The desire for more space and less congestion is once again an emerging trend, as acreage properties boasting large homes in suburban-rural or rural areas experience an upswing in popularity in London, Ottawa, Edmonton and Saskatoon. Building activity is also making a comeback, with new construction and infill on the rise in half of all markets examined.
Some luxury buy
In this video interview, Samantha Villiard, Regional Vice President, RE/MAX Canada, discusses the real estate company’s latest luxury home market report.
Samantha Villiard
FULL PRESS RELEASE TORONTO, April 2, 2024 /CNW/ — With the end of quantitative tightening in sight, luxury home-buying activity in most markets across the country are slowly shifting into high gear as buyers reap the benefits of softer housing values, according to a report released today by RE/MAX Canada.
RE/MAX Canada’s 2024 Spotlight on Luxury Report examined luxury home-buying activity in 10 markets across the country in the first two months of the year and found that, despite a disconnect between buyers looking for deals and sellers’ price expectations, almost all regions reported a strong start to the year. Ninety per cent of markets experienced an increase in high-end sales, with more than two-thirds recording double-digit growth. Saskatoon led the country in terms of percentage increases, with a 57-per-cent uptick in luxury home sales, followed by Montreal at almost 56 per cent and Calgary at 52 per cent. Edmonton posted a 32-per-cent increase in luxury sales year-over-year, while Winnipeg, Halifax, Toronto and London reported increases of 19.4 per cent, 16.7 per cent, 14.4 per cent, and 9.4 per cent respectively. Only Ottawa saw a decline compared to year-ago levels, with sales down nearly eight per cent.
“While figures remain off peak levels reported during Covid, the upswing in luxury sales signal a return to overall health in the country’s major centres,” according to RE/MAX Canada President Christopher Alexander. “The ripple effect is already underway, with stronger home-buying activity at lower price points pushing sales into the upper end. In some cities where inventory levels are particularly challenging at the lower end, multiple offers have returned with a vengeance. While that isn’t the case at the top end, pent-up demand does exist, and activity is gaining momentum.”
Lower overall values, strong equity gains and downward trending interest rates are supporting demand for luxury product including freehold and condominium properties in markets across the country. While a disconnect is somewhat hampering activity in larger markets, with sellers holding out for Covid-era values and buyers seeking bargains, those serious about making moves are finding common ground. An ample supply of product exists in most markets, although some neighbourhoods are experiencing exceptionally low inventory levels at sought-after price points. An influx of fresh, new properties in the spring will renew buyer interest and activity, but chronic supply issues will likely persist at the entry level to luxury.
“Equity continues to play a significant role in the marketplace, driving demand at the top end of the market,” explains Alexander. “Although overall gains have been elusive in recent years, a good percentage of buyers who purchased in 2018 and 2019 are well positioned to make their next moves. For example, in the Greater Toronto market, buyers who purchased homes at an average price in 2018 saw equity rise by almost 43 per cent by the end of 2023 ($787,842/$1,126,591). These buyers are coming to the table with a larger downstroke and reduced risk from a lending perspective.”
Luxury home-buying activity is also undergoing change as a younger demographic moves into the upper end of the market. Demand is strongest for newer, well-appointed homes in traditional hot pockets. Turnkey properties are most coveted, although there are some buyers that are willing to renovate. The desire for more space and less congestion is once again an emerging trend, as acreage properties boasting large homes in suburban-rural or rural areas experience an upswing in popularity in London, Ottawa, Edmonton and Saskatoon. Building activity is also making a comeback, with new construction and infill on the rise in half of all markets examined.
Some luxury buy
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