The Institute’s Luxury Market Report is your guide to an analysis on the trends and comparative data on the top-residential markets throughout Canada and the United States.
February’s report reviews the current statistics for the luxury market in North America month over month, as well as the 13-month trend.
In this month’s report, we review why understanding real estate cycles are important for buyers and sellers, especially as we transition from a market set for a correction, and what this truly means.
We discover why the predictability of real estate cycles can help understand cyclical trends, while appreciating that there will always be variables that will impact the speed of change and strength of each cycle.
We research why 2023 is expected to return to a more normalized market with short-term cycles seeing typical ebbs and flows with respect to buying and selling trends.
How, even though we have moved in the long-term cycle from a Peak Phase to a Recession Phase, the expectations for 2023 are not likely to see a ‘crash’ but instead a ‘correction’ in the level of sales activity and pricing.
We discover the exceptions in this Recession Phase that are preventing a downturn in the market and the factors that could influence opportunities in the current market.
We reveal the contradictions in today’s market that are manifesting in local markets experiencing very different results with respect to demand and price.
Equally, we understand how differing demographic demand for location, property type, and pricing are expected to impact both choice and decisions in 2023.
Finally, we explore what we can expect, in 2023 — all present conditions remaining constant — with respect to pricing, inventory, sales, and why “value for money” will again become an important part of the decision-making process.
It is important to understand that the art of selling and buying should always include an analytical approach to truly appreciate the realities, rather than just listening to market rhetoric.
Click here to see The Institute’s full report.
For homeowners looking to sell or buy their luxury home in today’s market, we recommend working with a real estate professional who can provide you with critical knowledge about your local market, maintain a high level of security and safety during the process, and who knows how to leverage technology and strategies to provide maximum exposure and assistance.
Get exclusive insights into the upper-tier real estate market at one of The Institute for Luxury Home Marketing’s live or online training sessions. Enroll today!