Canadian luxury real estate entering 'buyer's market': Report
BNN Bloomberg
Canadian luxury real estate may be shifting into buyer's market conditions this year, according to a new report from Sotheby's International Realty Canada, as prices readjust from pandemic-related upheaval.
The report issued Wednesday said buyers and sellers retreated from the luxury market in 2022 as the housing market responded to challenges like interest rate hikes, high inflation and regulatory challenges, setting the stage for prices to cool this year amid continued demand for housing.
Dan Kottick, president and CEO of Sotheby’s International Realty Canada, said luxury housing segments in some Canadian metropolitan areas were either approaching or already in buyer’s market conditions by the end of 2022, and he predicted another “important adjustment” on pricing on the horizon in the coming months.
READ MORE: Canadian home prices post record drop as high rates hit buyers
