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LUXURY REAL ESTATE IN CANADA: MID-YEAR MARKET OVERVIEW FOR 2024

Many discerning buyers are still continuously captivated by Canada’s luxury real estate market. This is in part because the luxury real estate market offers a diverse array of exceptional properties and unparalleled lifestyles across its major cities.

What’s not to love? From the stunning mountain vistas of Calgary to the cosmopolitan allure of Toronto and Vancouver, the Canadian luxury market presents an array of opportunities for those seeking something unique that matches their taste and lifestyle.

well, if you are looking to gauge what’s happening in the market, this post is for you. In this post we will look into the current state of Canada’s luxury real estate landscape in 2024, exploring key trends, statistics, and insights to guide your journey in making a decision or just merely gaining insight into the market.

MARKET PERFORMANCE SO FAR…

The Canadian luxury real estate market has demonstrated remarkable resilience in the face of global economic challenges. While the market has experienced a slight recalibration compared to the boom years, it remains a beacon of stability and opportunity for astute buyers. According to the Canadian Real Estate Association (CREA), the national luxury market, encompassing properties priced at the top 10% of the market, saw a notable price growth of 9.4% year-over-year in Q1 2024.

For more insight, here’s a closer look at the market performance in some of Canada’s key luxury real estate hubs:

1. TORONTO

  • Median Luxury Home Price: The median price for a luxury home in Toronto is an impressive $6.2 million.
  • Days on Market: Luxury properties in Toronto are selling swiftly, with an average of 28 days on the market (source: Toronto Regional Real Estate Board, Q1 2024).

2. VANCOUVER

  • Median Luxury Home Price: Vancouver’s luxury market boasts a median price of $7.8 million.
  • Sales Volume: Despite some fluctuations, Vancouver’s luxury segment has seen a steady sales volume, indicating continued demand from affluent buyers.

3. MONTREAL:

  •   Median Luxury Home Price: Montreal’s luxury properties have a median price of $3.9 million.
  • International Appeal: Montreal’s luxury market has harnessed significant interest from international buyers, drawn to its European charm and vibrant cultural scene.

having briefly looked at the market performance, the question then is what are the trends shaping the luxury market?

INFLUENTIAL TRENDS SHAPING CANADA’S LUXURY REAL ESTATE LANDSCAPE

Several key trends are shaping the dynamics of Canada’s luxury real estate market in 2024, and they include:

1. EVOLVING BUYER PREFERENCES

  • Outdoor Living Spaces: Luxury buyers are increasingly seeking properties with expansive outdoor living areas, such as terraces, balconies, and meticulously landscaped gardens.
  • Smart Home Technology: The integration of cutting-edge smart home features has become a must-have for buyers, enhancing convenience, security, and energy efficiency.

2. SUSTAINABLE LUXURY

  • Eco-Friendly Features: Environmentally conscious buyers are gravitating towards luxury properties that incorporate sustainable elements, such as solar panels, geothermal heating, and energy-efficient appliances.
  • LEED Certification: Luxury developments with LEED (Leadership in Energy and Environmental Design) certification are gaining traction, appealing to buyers who prioritize environmental responsibility.

3. MULTIGENERATIONAL LIVING

  • Inclusive Spaces: The desire for multigenerational living arrangements has sparked a demand for luxury properties with separate living quarters, such as in-law suites or guest houses.
  • Adaptable Floor Plans: Flexible and adaptable floor plans are becoming increasingly sought-after, allowing for the seamless accommodation of extended family members.

4. WELLNESS AMENITIES

  • Fitness and Spa Facilities: Luxury buyers are seeking properties with state-of-the-art fitness centers, yoga studios, and spa-like amenities for holistic well-being.
  • Indoor-Outdoor Flow: Seamless indoor-outdoor living spaces, such as retractable glass walls and infinity pools, are highly desirable for their ability to promote a sense of tranquillity and connection with nature.

EXPERT TIPS FOR BUYERS ON EXPLORING THE CANADIAN LUXURY REAL ESTATE MARKET

  • Know What You Want:
    – Define Your Priorities: Clearly identify your non-negotiables and desired features in a luxury property, whether it’s a prime location, expansive square footage, or specific architectural style.
    – Envision Your Lifestyle: Consider how the property aligns with your lifestyle aspirations, from entertaining possibilities to recreational pursuits.
  • Engage a Luxury Real Estate Specialist

– Expertise Matters: Partner with a seasoned luxury real estate agent who possesses an in-depth understanding of the local market dynamics and has a proven track record in the luxury segment.
– Access to Exclusive Listings: A well-connected agent can provide access to off-market or discreetly listed properties that may not be available to the general public.

  • Conduct Thorough Due Diligence
    – Property Inspections: Invest in comprehensive property inspections to assess the condition of the luxury home, including structural integrity, mechanical systems, and any potential issues.
    – Legal and Financial Review: Engage the services of experienced legal and financial professionals to review contracts, title documents, and tax implications associated with the luxury purchase.
  • Plan for the Future
    – Long-Term Potential: Evaluate the property’s potential for appreciation over time, considering location, upcoming developments, and market trends.
    – Resale Considerations: While personal preferences are important, keep resale value in mind when making significant modifications or customizations to the property.

In Shorts

Canada’s luxury real estate market in 2024 presents a compelling variety of opportunities and sophistication. It has a diverse range of prestigious properties> However, buyers need to understand influential trends, and seek expert insights to explore efficiently this exclusive segment with confidence.

In addition, it’s important to know what you want, engage the right professionals, conduct thorough due diligence, and plan for the future. This way, you can begin a rewarding journey towards securing your dream luxury property in Canada.

Whether you’re drawn to the urban vibrancy of Toronto, the natural splendour of Vancouver, or the cultural richness of Montreal, Canada’s luxury real estate market offers an unrivalled opportunity for creating a lifestyle of elegance and comfort.

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