Is Canada Becoming a Hub for Luxury Real Estate?

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With the recent 15 per cent tax on overseas capital, changes were bound to happen in the real estate market. Many speculate what kind of changes this policy will have on the Canadian housing real estate market, and a recent report from Christie’s International Real Estate name shockingly not Vancouver but, “Toronto and Victoria, B.C. as the world’s “hottest” markets for luxury homes as investors flock to Canada for its political and economic stability”. The 15 per cent tax on foreign buyers can be thanked for this, as it is deterring international buyers away from Vancouver and shining the light on Victoria. This is a clear example of rippling effects that city-level policies can have on foreign buyers.

Taking a look below, it is clear that Canada is sustaining growth in terms of luxury real estate.













The report also highlights another reason that might explain why the Toronto real estate market is still so hot, and especially for luxury real estate. While the 15 per cent tax continues to have an effect on Vancouver, the same results cannot be predicted for Toronto as the market for Toronto consists of mostly “domestic buyers countrywide”. Therefore, the cooling off period that Ontario Premier Kathleen Wynne intended to create in Toronto is still questionable as “Toronto and Victoria are the globe’s fastest-growing high end markets where the sales of homes $1 million or more grew by one per cent worldwide”. This leads me to question whether or not there will be a real “cooling down” period in Toronto after all, or if the extent to which have been over exaggerated. It will be interesting to see how the policy changes will play out, but one thing is for certain, the scorching hot housing market in Toronto is not cooling off any time soon for luxury real estate.

Taken from an article written by Nicole Gibillini from BNN
http://www.bnn.ca/toronto-victoria-have-fastest-growing-luxury-real-estate-markets-in-the-world-report-1.747004



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