Canada has long been home to a well-established real estate market, and the luxury market is no exception. However, with record prices, rising inflation, and an interest rate that keeps creeping up via the Bank of Canada, there remain a number of predictions to be made for the future of Canada’s luxury housing market over the next few years.
Simon Kronenfeld is a prominent figure in Canada’s real estate market. When talking about the luxury market, he is someone who possesses the drive and experience necessary to navigate Canada’s tumultuous real estate industry in order to gain a profit from the luxury housing market.
Despite its turbulence, there are a number of major predictions that can be made when examining Canada’s luxury housing market.
- Major Markets Will Continue to Climb
Canada’s big three housing markets will most likely continue to trend upwards, with more houses hitting the luxury market minimum over the next five years. Vancouver, Montreal, and Toronto will continue in their strong pattern of sales, even when factoring in local disincentives aimed at foreign buyers.
- New Markets Will Not Slow Down
Over the course of the COVID-19 pandemic, new markets, mainly in and around the Greater Toronto Area, saw massive increases in the luxury market. Home prices reached over 1 million in Barrie, for instance, while other markets in Ontario also saw massive gains, such as London, Kitchener-Waterloo, and Hamilton.
- Technology Will Continue to Drive Sales
Whether through drone footage, 3-D house tours, or social media, technology will most likely continue to drive sales. Commercial drones are now becoming commonplace, especially in the luxury market.
- Condos Will Remain Resilient
While there has been a slight downturn in regular condominium sales, top-tier condo markets in cities such as Toronto, Montreal, Vancouver, and Calgary will continue to remain strong. Bolstered by the demand to move into higher-density housing in the cores of these cities, record gains will continue to mark the luxury condo market throughout the country.
When it comes to the real estate market, especially the luxury housing market of Canada, predictions made are based on years of market data and the professional expertise of industry experts. With over a decade of valuable experience, Simon Kronenfeld is someone with a keen understanding of how best to make the most of his investments in Canada’s luxury real estate market.