By Pamela Putman
When we think of luxury properties, it’s easy to imagine a villa nestled in the rolling hills of Provence, France. Or perhaps a stately mansion sitting elegantly on Lake Como in Lombardy, Italy. The truth is that a luxury home in Canada has become a jewel in the crown of many affluent home buyers around the world. In a recent report released by high-end real estate firm Sotheby’s Canada, the Vancouver and Greater Toronto area demonstrated the fastest growth in home sales over the $4 million plus range in 2015.
Most notably, the number of homes isn’t fitting the level of demand that foreign buyers are showing in markets across Canada, which is driving the price and value higher for this luxury real estate.
As we see this increased settlement of buyers immigrating and living in Canada, we can expect to see a rise in demand for luxury goods and services in each of the hottest markets, which include Vancouver, Montreal, Toronto.
In Toronto, Sotheby’s says the high end of the market has been the strongest segment, as it presently carries the greatest surplus of luxury homes.
The demand for these types of higher end products and services is sure to further place Canada on the world-stage for luxury conferences and events, including World MasterCard Fashion Week and The Toronto International Film Festival. It’s an exciting time to watch the transformation of the luxury industry in Canada, which will likely contribute favourably to the travel and tourism industry as well. With high end retailers like Saks Fifth Avenue now calling Toronto home, there is no doubt that the change is already underway.