Thursday, March 5, 2020

Luxury house prices slated to grow


Prices in the prime property segment are expected to grow further next year as buyers compete for a limited supply of homes, according to the latest market forecast by Royal LePage.

Substantial gains are forecast for the Greater Toronto Area (GTA), the Greater Montreal Area (GMA), and the Greater Ottawa, with both homes and condo segments likely to post stable price increases next year.

The condo segment in GTA is expected to outpace the growth in the region’s detached segment. During the past 12 months to January this year, the median price of luxury homes in GTA rose by 1.2% to $3.63m while the value of condos increased by 7% to $2.4m.

Steven Green, a sales representative at Royal LePage Partners Realty, said condos in the region receive massive interest from a range of buyers, including downsizers, young executives, property investors, and foreign buyers.

"Luxury buyers face the same low-inventory scenario that challenges the overall residential market. Some of the city's most desirable pockets have a very low inventory of listings, which is unfortunate for sellers who want to move up in the same neighbourhood," Green said.


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