Posted 10.24.13 @ 9:39
Sales of luxury homes are projected to soar to new heights this fall, mainly due to a rise in international demand. Canada’s fortunes are rising, drawing new investment – from people coming here to work, study and even retire, they all need homes! From January to June alone sales of homes worth $1m+ in the GTA rose 61%, which means that now is the perfect time to sell. Here we’re going to break down what’s driving demand, why now is a good time to buy and sell, so let’s get started!
What is Fueling Demand?
There are three things pushing demand right now: easy credit, international investment in Canada and changing demographics.
Easy Credit: For now, at least, interest rates are remaining low. Credit is more easily available to people buying homes in Canada – especially luxury homes. If you’ve been a good steward of your credit and you want to buy the home you’ve been dreaming of, it’s your time to shine!
International Investment: The GTA, and most major urban areas of Canada, has seen a boom of international interest and investment in luxury homes. Buyers from the U.S., China, Russia, India and even the Middle East are finding new homes here.
Changing Demographics: Changing demographics are driving the sales of luxury homes. Baby Boomers whose children are out of the house and have been saving for the home of their dreams are finally buying. Younger professionals are treating themselves with homes that reflect their success.
All of these together create a perfect storm for a successful luxury real estate season this fall.
In It for the Long Haul
One of the most interesting trends we’re seeing is that international investment in luxury homes over $1m tend to be the “Buy and Stay” variety – as opposed to those that buy up “cheap” condos in order to turn around and rent them out. Many aren’t just looking to rent the homes out, they’re looking for a true investment that reflects their lifestyles, a place to build a life for themselves. They’re in in for the long haul, which is the best kind of investment Canadians could hope for.
Buying the Lifestyle, Not Just the Home
It’s important to keep in mind that luxury home buyers aren’t just buying the home, they’re buying the lifestyle too! A luxury home is never just four walls – it’s about the lifestyle and everything that goes along with it.
While there are a lot of properties for sale in the GTA right now, a lot of them just aren’t lux, high end properties – but Oakville is different! Oakville is one of the fastest growing communities in the Greater Toronto Area, and for good reason! With so many beautiful homes, it’s easy to see why so many are flocking here to find the luxury home of their dreams. If you’re selling, you need the expertise and experience of the Goodale Miller Team! Give us a call today and see what we can do for you.