Victoria is the second hottest luxury real-estate market in the world, according to a White Paper report published by Christie’s International Real Estate and the company’s Canadian affiliate, Chestnut Park Real Estate of Toronto.
Bucking international trends that saw luxury property transactions cool throughout 2016, both Toronto (the overall hottest luxury real-estate market in the world) and Victoria enjoyed an uptick in multi-million dollar transactions and a decrease in days-on-market for luxury real-estate listings. In Toronto’s case, days-on-market averaged 17 in 2016, while the global average sat much higher at 221 days.
The report states the Capital Region’s real-estate industry “saw significant growth from affluent international buyers who were deterred by Vancouver’s new 15% foreign buyers tax.” Capital inflow from wealthy foreign buyers, mostly of Chinese origin, also penetrated markets in Montreal and new enclaves in Toronto.
Victoria’s real-estate values continue to appreciate as demand far outstrips the supply of new housing, while historically low residential re-sale inventory adds further upwards pressure to the cost of local property.
Toronto and Victoria were rated just ahead of San Francisco, California, Austin, Texas, and Charleston, South Carolina, in Christie’s top-five hottest luxury real-estate markets.
Christie’s International Real Estate produces an annual report on luxury real-estate sales trends, based on an analysis of market data from 100 of its affiliates around the world. This report, “Luxury Defined: An Insight into the Luxury Residential Real Estate Market,” covers the period from January 1 to December 31, 2016. Toronto’s Chestnut Park Real-Estate is the Toronto and area exclusive affiliate of Christie’s International Real Estate
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