Canada real estate saw a lot of activity in 2020, and industry experts there expect that to continue well into 2021. Read below for insights from members of the Haute Residence network that serve the luxury markets in Toronto, Vancouver, Whistler, and British Columbia overall.
Photo Credit: Alex Rothe
"Toronto saw an incredibly active real estate market in 2020, fueled almost exclusively by local demand. Border closures and limited international mobility-focused our market almost entirely to domestic activity, and surprisingly to some, our luxury sector saw its most active year on record with many landmark transactions. As a growing global city, Toronto has attracted increasing international interest. With the easing of travel restrictions in 2021, Toronto will see a very robust real estate market with added demand from prospective buyers around the world looking for a safe haven with stable government, a strong economy, a diverse population, premier colleges and universities, a large concentration of corporate head offices, and a high level of personal security." - Kevin Crigger, Toronto, Canada.
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"Supply and demand for detached homes in West Vancouver will continue to favor sellers. Houses are selling very well, leaving buyers and buyers' agents looking for off-market homes. As detached homes sell, their owners flock to waterfront condos. Those are finally selling and prices are going up. Average amount of detached homes for sale in West Vancouver is 500. Over that, it's a buyers' market. Now there are only just over 360!" - Clara Hartree, West Vancouver, Canada.
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“As borders open up and travel resumes, Whistler will enjoy another boom period, we anticipate the pent up demand coming from the US, Hong Kong, UK, and Mexico! The current inventory level is very low in Whistler and I don’t anticipate that increasing any time soon. Well priced homes sell very quickly, often with multiple bids. It is a seller's market and will remain so for the foreseeable future!" - Maggi Thornhill, Whistler, Canada.
Read more expectations for 2021 from members of Haute Residence, including the areas of the Caribbean, South Florida, the west coast of Florida, Southern California and Northern California, and the New York tri-state area.