COVID-19 & THE YEAR FOR LUXURY REAL ESTATE

March 30, 2021

THIS IS THE YEAR FOR LUXURY REAL ESTATE

In a year, the Pandemic proved real estate wrong continuously. As many expected, a pandemic was sure to force everyone to stay home, not move and remain remote. Even so, it is the option of remote work that has sent buyers moving and sellers opening their doors. 

Bloomberg claims that this year, the pandemic created a need for luxury and those are facts still shocking to those observing these social changes. 

Canada’s luxury real estate market enjoyed a banner year in 2020 amid a global travel shutdown. According to a report by RE/MAX, a record 1,062 Toronto homes valued over $3 million sold over 2020, up 55.7 percent from 2019. 

The luxury market is bound to see another segment of buyers, especially in Toronto, Montreal, and Vancouver. Along with the government’s expectation of immigration numbers to go as far up as 400,000 in the next two years the demand for housing will most definitely increase. 

The market remains optimistic that this will create a new wave of buyers and sellers and therefore remain the real estate market running on a steady level. 

What do you think? Will the luxury market expect an impact with immigration increasing? Or, will it suffer due to high numbers of immigration?