What 'luxury real estate' listings look like across Canada
BNN Bloomberg
Luxury real estate in Canada may be entering a buyer’s market in 2023, according to a new report out this week from Sotheby’s International Realty Canada.
The report found that Canada’s luxury market cooled in 2022 across most major cities amid volatility from high interest rates and other factors, and it predicted further price drops this year as sellers adjust prices “to meet current realities.”
Sotheby’s CEO Don Kottick told BNN Bloomberg that the company defines “luxury” as properties listed at $1 million to start, with homes over $4 million marking another category and real estate valued at over $10 million considered “ultra-luxury,” though there is some variation across the country when it comes to how far $1 million can take you.
Here’s a look what more than $1 million can buy in Canadian real estate markets across the country:
