HIGHT LIGHT by Canadian City.

 Toronto

According to Sotheby's International Realty Canada's Top-Tier Real Estate: Spring 2023 State of Luxury Report, a shortage of luxury housing supply in the City of Toronto deflated the aspirations of potential home purchasers, and depressed total luxury sales volume across the Greater Toronto Area in the first quarter of 2023. As a result, GTA luxury residential real estate sales over $4 million (condominiums, attached and single-family homes) between January 1 – March 31 were down 64% year-over-year from the first quarter of 2022. During this time, one property sold over $10 million on MLS, compared to eight ultra-luxury residences sold above this price point in the same period last year. Overall, $1 million-plus residential sales were down 57% year-over-year in the GTA, foreshadowing a competitive market for appropriately priced and well-appointed luxury properties this spring.

Vancouver

As luxury property listings gradually trickled into the Vancouver market in the first quarter of 2023, prospective home buyers continued to await fresh inventory in the spring. As a result, luxury residential sales over $4 million pulled back 53% year-over-year. Four properties sold over $10 million on MLS compared to five sold in the first quarter of last year. Despite intensifying demand for housing mobility, residential sales volume over $1 million contracted 51% year-over-year overall during this time, a consequence of the city's pervasive shortage of housing across the luxury and conventional market.

Montréal

Montreal's luxury residential real estate market, which had tapered to more balanced conditions by the end of 2022, saw sales volume over $4 million declining 33% year-over-year in the first quarter of 2023 in a market that saw moderating prices, an increase in offers submitted with conditions, while also enduring competition for limited inventory in the city's most prestigious neighbourhoods. Overall, Montreal residential real estate sales over $1 million between January 1– March 31 were down 43% year-over-year.

Calgary

Dynamic economic growth, positive consumer sentiment and record in-migration into the Calgary metropolitan area continued to fuel activity in the city's conventional and luxury real estate market in the first quarter of 2023. Although residential sales over $1 million pulled back by 36% year-over-year while the $4 million-plus market remained quiet, $1 million-plus sales volume was a significant 223% higher than in the pre-pandemic first quarter of 2020 and well-above the city's 10-year average for luxury sales. In stark comparison to the muted sales activity in inventory-starved Toronto and Vancouver, Calgary luxury sales were facilitated by the city's comparatively favourable ratio of housing supply in relation to demand.

https://sothebysrealty.ca/insightblog/en/2023/04/19/top-tier-real-estate-spring-2023-state-of-luxury-report/

#canadianrealestate #montrealestate #sothebysquebec