International investors will keep Canada’s luxury home markets bouncing, realtor Sotheby’s International forecast last month.
The real estate agency — which, admittedly, has something to gain from predicting rising prices for upscale homes — noted that some of Canada’s housing markets have seen substantial booms in luxury home sales this year.
The realtor found sales of luxury homes are up 29 per cent this year in Montreal, and up 61 per cent in Toronto. Calgary and Vancouver posted 67- and 65-per-cent gains this year, the realtor said.
Sotheby’s expects foreign investors from China and the Middle East, as well as from Russia, India and the U.S., to fuel demand in Canada.
As if to prove the point, news broke last week that a Middle Eastern investor bought several units in a Vancouver condo building, including the penthouse, for a $40-million price tag thought to be the most expensive condo purchase in Canadian history.
If the trend keeps up, we can expect to see more and more custom-built luxury homes popping up across the country, and hopefully at least some of them will make for unique and interesting homes.