“Canada’s real estate market is returning to a steadier pace after an unprecedented growth period. While some buyers are continuing to monitor the market and the Bank of Canada’s interest rates, this provides an opportunity for eager buyers to negotiate deal terms and price on properties, unlike recent years,” says Anthony Hitt, president and CEO, Engel & Völkers Americas.Sign up to receive the daily top stories from the National Post, a division of Postmedia Network Inc.
Zoocasa’s list of most viewed homes in June included multi-million-dollar luxury estates. Topping the list was a $6.998-million family estate with nine bedrooms, 10 bathrooms and an elevator on two acres of land in Rocky View County, Alta. Condos in the $1 million to 3.99 million range in Toronto saw the average sold price climb by just four per cent from last year, signalling the onset of balanced market conditions.But homes that are the “cream of the crop” are still commanding multiple offers, says Haw. “Interestingly, the pockets that are bit more expensive and where homes turn much less frequently are still seeing multiple offers. Sometimes the multiples might go slightly under asking but it just shows that interest is there.
Listings are constantly coming to market. “Luxury home sellers are patient and are typically willing to wait for their desired price,” Green says. “Listings such as these sometimes need more and longer exposure to the market in order to attract the proper buyers who understand the features and finishings they offer, as they are not cookie-cutter properties.”Article content