The performance of Canada’s major luxury real estate markets diverged in the first half of 2023, as some cities experienced a surge in momentum while activity waned in others, according to a new report from Sotheby’s International Realty Canada.
The data shows that despite challenges such as rising mortgage rates, economic uncertainty, and other macroeconomic factors, Canada’s major cities showed varying trends in their real estate performance.
However, local factors such as the availability of housing and the buyers’ attitude played a more important role in each city’s real estate market than national ones.
“The Canadian luxury housing market has remained remarkably resilient despite the headwinds of multiple interest rate hikes and unpredictable economic performance, And the second quarter of 2023 marked a turnaround point for consumer activity,” president and CEO of Sotheby’s International Realty Canada Don Kottick said in a press release on Wednesday.