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Top-Tier Report: 2021 Spring Outlook

Sotheby’s International Realty Canada’s new report, “2021 Canadian Top-Tier Real Estate Spring Outlook” notes that Canada’s metropolitan luxury real estate markets are undergoing an unprecedented phase of evolution and expansion. Canada’s metropolitan luxury real estate market is primed for healthy spring performance, and in most markets, the ceiling for sales activity will be capped by lack of inventory rather than consumer demand.



2021 Top-Tier Spring Outlook Snapshot


  • Toronto’s luxury condominium market reflected resilience, and early March data reflects a segment poised to gain ground.
  • Vancouver’s luxury market gained significant momentum leading into spring as residential real estate sales over $4 million increased 41% year-over-year in the first two months of 2021.
  • Montreal’s residential real estate sales over $1 million in the first 15 days of March also indicate an active spring ahead, as sales climbed 93% year-over-year.
  • Calgary’s luxury residential real estate market also emerged from previously entrenched buyers’ market conditions.
Key Influences

Home Renovations Bolster Luxury Price Gains
With renovations elevating the overall quality of housing stock in these metropolitan areas, the short and long term market value of luxury housing across Canada’s major real estate markets is expected to rise through the spring and in the long term.

Multi-Generational Influences on Luxury Single Family Home Market
Across multiple generations of homeowners and homebuyers, dramatic changes in housing and lifestyle preferences are heightening demand and simultaneously reducing single family housing supply on the resale market.

Urban Luxury Condominium Demand Resurges
Depleted inventory and steep price gains in metropolitan single family home markets is also pressing homebuyers to purchase large condominiums out of necessity and a sheer lack of alternatives.

Pent-up Cash, Financial Market Turbulence to Stimulate Luxury Demand
The significant accumulation of cash by mid-and high-income Canadian households during the pandemic is poised for release into the economy as a whole, and the real estate market specifically in the spring and summer of 2021, reinforcing continued demand.

Global Flight of Human and Financial Capital to Canadian Real Estate
Upswing in the volume of international enquiries on luxury property listings in Toronto, Montreal and Vancouver in the preliminary months of 2021 reveal that underlying demand has not dissipated and is set to resurge in the seasons ahead.

 
For more information about how this may impact your real estate plans and the market please connect.
 


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Spring activates a time for change and revitalization. Every aspect of how we live, work, interact and play has changed over the past year. At the forefront of this transformative chapter of our lives are those who have not just coped with seasons past but even embraced the self-transformation those challenges have demanded.

In our latest edition of Insight Magazine, we highlight leaders who are reshaping social, artistic and cultural landscapes in our country and around the world while leading Realtors discuss the latest real estate trends. We hope to inspire you to embrace the season ahead with renewed confidence and energy.

The Great Escape
Many residents in Canada’s largest cities are finding that trading in a busy city home for a quieter one is a decidedly smart decision. Our top realtors explain why the quest for more space has buyers heading to the suburbs.

Outer Limits
Buyers are turning to regions that offer access to nature and amenities, dedicated spaces for remote work, and move-in-ready houses to call home. Sotheby’s International Realty Canada experts reveal which neighbourhoods are emerging as the next housing hot spots.

Realty Bent
A new generation of fans are discovering the O’Hara effect after taking home her 2020 Emmy for Schitt’s Creek. Icon Catherine O’Hara talks about motherhood, television and what this phase of her career has taught her.

Getting Out
Thanks to Canada’s wealth of architectural talent, there are standout structures from coast to coast to lift the spirit and bring beauty back into the everyday. Take a drive and discover some of our country’s impressive architectural sites, both near and far.

Our latest issue of INSIGHT Magazine highlights forward thinking individuals, projects, trends, and lifestyles. 


 
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Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.