Sotheby’s International Realty Canada’s latest report forecasts strengthening demand for residential real estate over $1 million in Toronto and Vancouver into the fall, including building momentum in luxury sales over $4 million, reinforcing both cities’ positions as international market leaders in top-tier real estate.
The 2015 Fall Forecast analyzes Canada’s largest metropolitan real estate markets and examination of key macro-economic indicators.
Vancouver Market Highlights:
- Vancouver’s $1 million-plus real estate market is expected to continue to trend upward in fall 2015.
- Limited inventory, strong consumer demand, low interest rates and international buyers will continue to drive favourable seller conditions, multiple offers and sales above list prices in the fall.
- Detached single family home market is expected to lead gains in sales volume and pricing, particularly in the $2-4 million and $4 million-plus luxury segments, while the performance of the attached home and condo markets will remain strong.
- Limited supply in traditional luxury neighbourhoods will propel buyers into east and south neighbourhoods.