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Following record-shattering sales across major markets through the first half of 2021, Canada’s metropolitan luxury real estate markets continue to reflect unprecedented circumstances leading into fall 2021. With an unsatiated undercurrent of demand across every major market and a new wave of prospective real estate consumers imminent, rising prices and steady activity are forecasted for fall.
Key Influences
- Severe inventory deficit sparks price gains, undermines potential sales
- Return to city living ignites urban sales and condominium demand
- Job gains bolster top-tier real estate sales
- Gap between luxury and conventional housing trends widen
Calgary’s luxury residential real estate market, which had gained steady traction since the start of the year, evolved into a true seller’s market over the summer and is poised for more balanced market conditions this fall.
Vancouver’s luxury market is poised to see some relief from the extraordinary pace and price gains experienced over its prolonged seller’s market but continues to confront the challenges of the region’s chronic and significant deficit of conventional and high-end housing supply.
After a brief seasonal sales slowdown, Montreal’s market rebounded swiftly in early fall, pointing to a dynamic and active season ahead. In face of strong consumer demand, the city is set to face the twin challenges of a significant provincial deficit of conventional and luxury housing, and price acceleration in turn.
Greater Toronto Area (GTA) is positioned to see continued price acceleration in an active fall market, even as the region’s acute shortage of conventional and luxury housing supply caps overall activity. GTA’s luxury condominium market strengthened as confidence in urban living continues to rise.
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