Canada’s traditional and luxury real estate market is undergoing significant changes due to unprecedented population growth, as reported in Sotheby’s International Realty Canada’s Top-Tier Real Estate: 2024 Mid-Year State of Luxury Report.
Recent data from Statistics Canada shows that all major Census Metropolitan Areas (CMAs) experienced their highest growth rates since 2001-2002 in the year ending July 1, 2023. Calgary led with a growth rate of 5.9%, followed by Edmonton and Vancouver at 4.1%, Toronto at 3.3%, and Montreal at 2.9%.
Interprovincial & interregional migration: Key indicators of local economic confidence & consumer sentiment
Experts at Sotheby’s highlight that migration trends between provinces and regions are crucial indicators of local economic sentiment and consumer confidence, impacting both traditional and luxury real estate markets.
Vancouver experienced its largest net loss to interprovincial migration in over 20 years, losing 4,795 people, while all Ontario CMAs, including Toronto, saw net losses. Alberta surpassed British Columbia in net interprovincial migration gains, with Calgary gaining 26,662 people. Toronto, Montreal, and Vancouver continued to see significant net losses to regional migration.
Performance by city
Toronto’s luxury real estate market, supported by a population gain of 221,588 people, managed to maintain steady activity in the first half of 2024 despite economic challenges. Calgary’s real estate market reached new heights in the same period, driven by immigration and record inter-provincial migration. Montreal’s luxury market remained balanced, while Vancouver saw a decline in luxury market activity.
Migration from larger to smaller communities foreshadows trends in sales, prices & market performance
According to Don Kottick, president and CEO of Sotheby’s International Realty Canada, migration patterns are now leading indicators for local economic sentiment and real estate market performance. Elevated prices and interest rates continue to impact consumer decisions, with Alberta’s major cities outperforming due to record-setting population gains.
Read the full report here.
Source link
This article was complied by AI and NOT reviewed by human. More information can be found in our Terms and Conditions.
