Trends and predictions for six markets across the country
Luxury global real estate firm Engel & Völkers has released a report on market trends and predictions for four Canadian cities—Vancouver, Montreal, Toronto, Calgary—and two Quebec ski resorts: Mont-Tremblant and Bromont.
In the first three quarters of 2017, the highest asking price for a detached home was $35.8 million, for a property in Vancouver’s Shaughnessy neighbourhood. In 2018, price per square foot for condos is expected to increase in Toronto, Vancouver, Montreal and Calgary, driven by the tech industry.
Vancouver: International buyers dominate Vancouver’s luxury property market, accounting for 85 per cent of transactions. The largest buyer group is Chinese citizens, followed by French and German purchasers. Real estate in East Vancouver is heating up, with millennials keen to secure small-scale lofts in the area.
Montreal: Thanks to low inventory and high demand, 2018 will see strong price increases in Westmount and Sud-Ouest. The next hot investment neighbourhood will be Pointe St-Charles.
Toronto: With the fastest-increasing population in any large North American city, Toronto will continue to see strong growth thanks to continued demand and short supply. Domestic buyers account for 80 per cent of the luxury property market in Toronto, while international buyers come primarily from China and Iran.
Calgary: The highest-priced residential addresses in the city include downtown Calgary, West and Northwest Calgary, and the suburb of Pump Hill. Calgary’s West Side and inner city are projected to generate the most interest from developers and buyers in 2018, with the planned opening of an Amazon site creating 750 new jobs giving the property market an extra boost.