Engel and V.ölkers reports Canadian luxury goods markets experienced unprecedented growth in the first half of 2021.
TORONTO, Jul 22, 2021 / CNW / – Today, Engel and V.ölacquers released his Canadian Luxury Real Estate Semi-Annual Report, including data for the first half of 2021 for houses with a price 1 million dollars or higher… Analyzing the markets by Canada‘the most demanded cities – Halifax, Montréal, Ottawa, Toronto as well as Vancouver – the report identifies and predicts the main trends affecting these markets.
After a record year for premium real estate, characterized by high demand and low inventory levels, Engel & Völkers is witnessing a wave of market normalization, predicting it will continue in fall 2021 with a dynamic year ahead of 2022. Easily, Canadian home buyers are returning to urban life, causing a spike in sales of luxury condos in downtown areas. Delayed demand for Canada among international buyers will also stimulate sales following the opening of borders and lifting of travel restrictions. New this year is the multi-generational trend of families pooling resources to invest in luxury real estate together. According to Engel & Völkers, this is a key trend in the luxury goods market to watch out for.
“After unprecedented growth, luxury property markets are normalizing around the world. Canada‘the most demanded cities, and what‘– well said Anthony Hitt, President and CEO, Engel and V.ölkers Americas. “Globally Canada‘the real estate market is largely underestimated. But given the housing shortage and buying buzz we saw in the first half of the year, Engel & Völkers believes that the unprecedented demand for luxury properties will continue. During the pandemic, local demand for luxury housing has grown exponentially, and foreign buyers are eagerly awaiting a return after a year of border closures. 2022 will be a year of observation. “
Halifax continues to be one of Canada‘The most interesting real estate markets to watch. The ability to work from home has resulted in Halifax the property attracts a large number of local and national buyers. FROM December 2020, buyers from outside the province account for almost half of those who buy homes over 1 million dollars… Halifax remains an affordable Canadian city and its condominium market will continue to grow.
Montréal‘The luxury housing market is positioning itself as the favorite of investors in both condominiums and single-family homes. Total Home Sales by Price 1 million dollars or higher increased 134 percent year on year from January to June. Land resources in Montreal are limited, but the city is in the midst of a building resurgence and an influx of new inventory will be introduced in the next three years.
Ottawa Markets experienced a buzz of buyers in the first three months of 2021. January to March, the number of units sold between 1 million dollars to $ 3.99 million grew by 334% compared to 2020. Ottawa‘The luxury goods market is gaining momentum in core and peripheral areas. This was largely due to the sale of a century-old farm in Renfrew, ONwhich was sold for $ 1.1 million on request from Engel & Völkers.
Toronto home sales quadrupled in April, with homes selling for up to USD 200,000 to USD 500,000 upon request. January to March 2021 days on the market halved for houses at a price 1 million dollars or higher compared to 2020. Stocks of high-end condominiums have notably maintained their value during the pandemic, and sales rose again, jumping 131 percent year on year from January to June.
Vancouver The first half of 2021 saw unprecedented demand from local buyers for luxury goods, and real estate was recognized by many as a strong and stable investment. Units sold as in 1 million dollars to $ 3.99 million as well as 4 million dollars plus categories peaked in March. OTC sales continue to dominate the ultra-luxury market. As the borders open, local consultants Engel & Völkers expect an influx of migrants to Vancouver from global feeder markets, especially Hong Kong as well as California…
About Engel & Völacquers
Engel & Völkers is a global luxury real estate brand. Founded in Hamburg, Germany In 1977, Engel & Völkers, drawing on its rich European history, takes a fresh approach to luxury real estate in the Americas, with a focus on creating personalized customer experiences throughout the home buying or selling process today.‘savvy homeowner. Engel & Völkers currently operates approximately 225 stores and more than 4,500 real estate consultants in the Americas, contributing to the brand’s development.‘a global network of more than 13,500 real estate professionals in over 30 countries, offering both private and institutional clients a professionally selected range of luxury services including real estate, yachting and aviation. Committed to impeccable service, Engel & Völkers supports its consultants with a range of premium business services; marketing programs and platforms; and access to a global network of real estate professionals, property listings and market data. Each brokerage company is independently owned and operated. For more information visit www.evrealestate.com…
SOURCE Engel & Völkers
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