this year, according to a new report from Sotheby’s International Realty Canada, as prices readjust from pandemic-related upheaval.
Dan 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.
Sotheby’s report found luxury sales fell year-over-year in major Canadian cities. In the Greater Toronto Area, residential real estate sales over $4 million fell nearly a quarter from 2021 to 2022, and sales over $10 million fell 29 per cent. The report said Montreal’s luxury real estate market “tempered to more balanced conditions” over the course of last year, with residential sales over $4 million close to 2021 levels and an 18 per cent annual decline in sales activity for homes over $1 million.
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