Following a strong summer, luxury real estate market sales in major Canadian cities are beginning to slow down, according to a new report from Sotheby’s International Realty Canada. But real estate experts say they’re still optimistic that the market will remain resilient through to early 2024.
The luxury real estate management brokerage’s fall report, released on Wednesday, shows that urban hubs such as the Greater Toronto Area (GTA) and Vancouver reported notable increases in annual sales throughout July and August before these gains moderated in September.
“In the summer, which tends to be a time when sales are a little lighter, we actually saw (July and August) increase in activity,” Don Kottick, president and CEO of Sotheby’s International Realty Canada, told CTVNews.ca in a telephone interview on Wednesday. “It’s almost like the fall shifted forward a couple months and now we’re in this kind of adjustment period.”