HomeMortgageA Tale of Two Quarters for Canada’s Luxury Real Estate

A Tale of Two Quarters for Canada’s Luxury Real Estate

Mid-Year Highlights

  • Canada’s luxury market is normalizing following its historically anomalous performance as rising mortgage rates, escalating inflation and global geo-economic headwinds progressively temper real estate consumer sentiment.
  • Near-term hesitancy masks strong demand for housing and housing mobility, and consumer confidence in the long term fundamentals of top-tier real estate remains strong.
  • The top-tier condominium market remains resilient in a rebalancing market, bolstered by multi-generational consumer demand, and housing affordability challenges that is channeling prospective buyers into high-density housing.
  • Calgary led Canada’s major metropolitan markets in percentage sales gains across the $1 million-plus residential market as overall activity rose 40% year-over-year and $1 million-plus single family home, attached home and condominium sales posted annual…

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