2017 Fall Market Forecast - Penny Brown

Penny Brown

2017 Fall Market Forecast

06 October 2017
Penny Brown

The 2017 Fall Market Forecast has been announced and published for all to see.

Leading the way is Montreal with sales pricing over $1 MILLION plus in the Luxury real estate arena.  Strength comes with great activity and the economy has gotten stronger with the high-end GTA market even though the real estate market slowed down after the introduction of the Ontario Fair Housing Plan in April.

Vancouver is growing and getting stronger as their condo market has stabilized and has more demand.  Calgary, Alberta has gained momentum over the summer months to stabilize and help in getting out of their recession.

So, what is happening in Toronto: Sales in the $1M & $4M areas have decreased by 27% and year over year 28%.  In July and August sales in the GTA dropped by 40% year over year for properties selling in the $1M+ arena and 20% in the $4M+ category.

Calgary has a 1% gain in sales for properties over $1M+ in compaired to last summer which has brought stability for the Calgary area. Luxury real estate in Vancouver in the $4M+ category has dropped by 21% while the $1M+ area has increased by 5% in comparison to the summer of 2016.

Brad Henderson our President & CEO give his thoughts on what is happening in the real estate markets:

"The country’s exceptional economic performance is expected to elevate top-tier real estate market confidence and performance this fall. Montreal, in particular, is emerging as an unexpected bright light on Canada’s luxury real estate horizon, but the reality is that improvement in economic productivity, wages and job gains will be positive for all of our metropolitan markets in the coming months."

Read Sotheby's Interanational Full Report HERE.