Canadian luxury real estate entering ‘buyer’s market’: Report
Canadian luxury real estate may be shifting into buyer’s market conditions this year, according to a new report from Sotheby’s International Realty Canada, as prices readjust from pandemic-related upheavals.
The report issued Wednesday said buyers and sellers retreated from the luxury market in 2022 as the housing market responded to challenges like interest rate hikes, high inflation and regulatory challenges, setting the stage for prices to cool this year amid continued demand for housing.
Don Kottick, president and CEO of Sotheby’s International Realty Canada, said luxury housing segments in some Canadian metropolitan areas were either approaching or already in buyer’s market conditions by the end of 2022, and he predicted another “important adjustment” on pricing on the horizon in the coming months.
“It has taken several months for home sellers to realize the impact of the changing market on the market values of their properties. As new property listings come onto the market in 2023, their pricing will shift to meet current realities,” Kottick said in a written statement.
“This will start to unlock long-awaited opportunities for buyers and upsizers to purchase homes that meet their lifestyle needs as they acclimatize to the market.”
Sotheby’s report found luxury sales fell