Canada’s luxury real estate market is on fire. Can the foreign homebuyers’ tax cool it? – National
Canada’s pandemic real estate craze goes all the way to the top, according to new data compiled by Sotheby’s International Realty Canada.
The report, which tracks sales of properties priced over $1 million, $4 million and $10 million, shows triple-digit growth in major cities across Canada in terms of the number of luxury homes and condos that switched hands in the first half of 2021 compared to the first half of 2020.
“We’re seeing this right across the country for the first time in a long time: all the major (urban) centres are basically firing on all cylinders,” says Don Kottick, president and CEO of Sotheby’s International Realty Canada.
He is optimistic that momentum will carry forward to 2022, even as Ottawa promises to implement a tax on…