Title - Canadian cities to see a wave of real estate market normalization this summer and fall

Engel & Völkers reports Canada's luxury markets experienced unprecedented levels of growth in the first half of 2021

TORONTO, July 22, 2021 /CNW/ - Today, Engel & Völkers released its Mid-Year Canadian Luxury Real Estate Market Report, including data from the first half of 2021 for homes priced $1 million or higher. Analyzing the markets across Canada's most in-demand cities – Halifax, Montréal, Ottawa, Toronto and Vancouver – the report pinpoints and forecasts major trends affecting these markets.

After a record-breaking year for premium real estate, defined by high demand and low inventory, Engel & Völkers is observing a wave of market normalization, forecasting it will continue into fall 2021, with anticipation for a dynamic year in 2022. As pandemic restrictions ease, Canadian homebuyers are returning to city living, prompting a sales uptick for luxury condos in downtown cores. Pent up demand for Canada among international buyers will also drive sales once borders reopen and travel restrictions lift. New this year is a trend towards multigenerational living, with families pooling resources to invest in high-end properties together. According to Engel & Völkers, this is a key luxury market trend to watch.

"After an unprecedented run, premium real estate markets are normalizing across Canada's most in-demand cities, and that's a good thing," said Anthony Hitt, president and CEO, Engel & Völkers Americas. "At a global level, Canada's real estate market is largely undervalued. But with low housing inventory and the buyer frenzy we saw in the first half of the year, Engel & Völkers believes the unprecedented demand for luxury properties will sustain. Local demand for luxury housing increased exponentially during the pandemic and international buyers are excited to return after a year of border closures. 2022 will be a year to watch."

Halifax continues to be one of Canada's most interesting real estate markets to watch. The ability to work from home led to Halifax real estate attracting a high volume of local and national buyers. Since December 2020, out-of-province buyers account for almost half of those purchasing homes over $1 million. Halifax remains an affordable Canadian city and is poised to see continued growth in its condo market.

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Url: https://markets.businessinsider.com/news/stocks/canadian-cities-to-see-a-wave-of-real-estate-market-normalization-this-summer-and-fall-1030636253

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