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.
This month’s report reviews the current statistics for the luxury market in North America month over month, as well as the 13-month trend. The overall market, despite pessimism at the start of 2019, has seen a gradual growth with the last quarter showcasing a significant increase in sales over the same period in 2018.
Luxury real estate professionals are reporting that this significant increase stemmed from:
- Many buyers being in a holding pattern early in 2019 waiting to understand the ramification of the new taxes regulations and policies
- Growth coming within North America rather than International as the affluent relocate to avoid increasingly high taxes
- The ultra-wealthy downsizing and buying multiple homes rather than mega-mansions.
- Diversification of property wealth being prevalent into second-tier cities
- Increases in vacation and second home properties sales
The Report looks at the factors that help understand the predictions forecast by CREA and NAR (Canadian and North American Real Estate Associations) for real estate in both Canada and the United States during 2020.
For homeowners looking to sell their luxury home in today’s market, we recommend working with a realtor who can capitalize on the preferences of current investors. By carefully focusing on the lifestyle-specific niche your property offers, in line with trends, it can be marketed effectively to connect with the right potential buyers.
Click here to see the Institute’s full report.
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