Luxury market strong
Canada’s real estate market may be cooling, but a new report says high-end homes are still going strong.
Re/Max said today its Upper-End Report (which has something of a ring to
it) found continuing demand for luxury abodes in the first quarter of
the year.
Thirteen of 16 major cities saw an increase in price, the majority in
the double-digit area. Ten centres set records. Regina saw the heftiest
gains, followed by Quebec City, Toronto and the Ontario regions of
London and Kitchener-Waterloo.
The Re/Max report suggests that the affluent among us aren’t being held back in this era of uncertainty.
“While the ranks of the rich expand in both population and wealth, their
impact on the Canadian residential landscape is undeniable,” said
Michael Polzler, an executive vice-president at the real estate company.
“Their confidence abounds from coast-to-coast, irrespective of price
point. Starting prices range from a low of $500,000 in markets like St.
John’s and Halifax-Dartmouth to a high of $2-million in Greater
Vancouver, and affluent homebuyers are still prepared to up the ante –
choosing to further renovate or altogether teardown and custom build to
suit their needs.”
Oh, to have the money to tear down a big place and build anew.
One of the things that struck me in the report is how higher end homes are “redefining luxury,” as Re/Max put it.
“When it comes to bells and whistles, toys and technology, the features
homeowners are incorporating into their residences are becoming
decidedly more progressive,” it said.
And while financing isn’t really a concern – I guess it wouldn’t be –
those spending in the millions are still locking in for five years.
Canada’s most expensive homes can be found in Vancouver’s Westside,
Re/Max said, citing a “palatial historic home in Shaughnessy” as the
costliest, at almost $32-million.
It’s all a far cry from the regular market, where Vancouver is seeing
steady declines, as The Globe and Mail’s Paul Waldie and Tavia Grant
write in today’s Report on Business.
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