Canadian Luxury Homes Market Report

Bo Knows Real Estate - Winnipeg's Real Estate Podcast

Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for… Thursday, April 6th, 2023…

Today is National Burrito Day, New Beers Eve and Nat. Employee Benefits Day

Growing demand for homes has made its way up to the higher end of the Canadian real estate market. In most of the country's major markets, luxury sales went up in the first quarter of 2023 compared to the fourth quarter of 2022.

RE/MAX Canada looked at luxury market patterns in 15 locations across the country, from coast to coast. They discovered that the significant loss of home stock is pushing up prices at lower price points and increasing demand.

10 of the 15 markets that were looked at are on par with or ahead of Q4 2022. As sales and temperatures rise, this pattern is likely to keep going until the second quarter of 2023. Calgary and Hamilton saw the largest jumps at 34% and 39% respectively.

A lot of the activity is thought to be due to demand that has been building up since the middle of 2022. Buyers are taking advantage of the chance they have right now to buy a property. Listings, on the other hand, are hard to come by in most parts of the country, making it hard to find the ideal home.

In summary, the report identified 3 trends:

1) Overall national demand for luxury homes has increased

2) Sidelined buyers are back, and

3) The activity is expected on continue and rise.

Once again, Winnipeg is one of 5 cities bucking the trend, although just barely.

Luxury home sales were down in St. Johns NFLD by 68%, Edmonton AB by 30%, Kelowna BC by 17% and London ONT by 9%. Winnipeg saw the smallest drop at only 3.8%.

Looking for a luxury home in Winnipeg? I am a Certified Luxury Home Marketing Specialist and can help you buy or sell any luxury property, house or condo in Winnipeg and surrounding areas. Call me anytime at 204-333-2202

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