- A recent report by Engel & Völkers suggests that the Canadian luxury real estate sector is experiencing strong and steady growth.
- Canada’s largest cities, particularly Ottawa, Montréal and Toronto, are the most sought-after locations.
- The luxury real estate market continues to sustain demand despite an unstable global economy and a decrease in the construction of luxury Canadian homes.
Engel & Völkers, an international luxury real estate analyst company, released its 2023 Mid-Year Canadian Luxury Real Estate Market Report this week which focuses on the growth of Canada's luxury real estate market in the country's major cities.
According to the report, the country’s luxury house prices remain stable, and the number of luxury homes will sustain the predicted demand for the second half of 2023.
The report also reveals that the Canadian luxury real estate market remains healthy, with signs of consistent growth, particularly in Canada’s major cities of Ottawa, Montréal, Toronto, Vancouver and Halifax.
The report suggests that sellers delayed listing their properties on the market during the Covid-19 pandemic. However, in the post-pandemic years, the drop in the supply of luxury homes has caused prices to increase and sales to move quickly. As a result, more luxury homes have been listed to meet demand.
Despite global economic fluctuations, elevated interest rates and forecasts of a recession, Canada’s premier real estate markets are seeing an increase in demand from wealthy and skilled internationals due to its stable economy and government and high quality of living.
International high net-worth individuals (HNWIs) considering moving to Canada will need a secure way to make international payments between countries.
According to the report, the median sales price for luxury residential properties in Toronto priced between C$1m and C$3.99m rose by 3.7% over the six months from January to June 2023. The average price for luxury property in Ottawa also rose by 3% during the same period.
Vancouver’s luxury real estate market remains strong, with average property prices in the C$1m and C$4m range only experiencing a decline of 5.59% from a February 2022 peak. The luxury housing market in Halifax has also experienced an increase of 4.6% from July 2022 to July 2023.
The increased demand for luxury properties in Canada’s major cities by international HNWIs is thought to have been a contributing factor to this rise.
Wealthy internationals looking to invest in overseas luxury properties should utilise safe online money transfer services to complete the transaction.
HNWIs wishing to purchase real estate in Canada can compare foreign exchange rates using our online money transfer comparison tool.
