They are not all the aforementioned big, older houses on the river, nor overlooking the Willows Golf Course. Since the $750K price was established as the luxury starting point, the landscape has shifted, in part due to specific housing demand from new Canadians.
That, of course, is what drives the luxury market. Entrepreneurs and those holding high office in the resource sector are among the people buying expensive homes. Entrepreneurs are less concerned about mortgage interest rates and more concerned about the health of the business line of credit, Ash noted.Article content
That being said, the overall spring market in lower price brackets is a bit of a different story. It continues to tighten due to the lack of listings, which have dropped yet again. While long-term mortgage rates are becoming more attractive, and bringing buyers back to market, they are not helping on the seller side.Article content