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Introduction
Engel & Völkers welcomes you to its Canadian Luxury Real Estate Market Report. This report amalgamates market data with intel from Engel & Völkers’ local market experts. The result is a residential property analysis covering markets in Halifax, Montréal, Ottawa, Toronto and Vancouver through April, May and June. Three price segments are discussed, including under $1 million, $1-4 million and over $4 million as listed in the Multiple Listing Service (MLS).
This report is a resource for those seeking the best of life’s different stages, from purchasing a starter home or rightsizing a property, to growing a luxury real estate portfolio. Expect expert insights on what’s happening inside Canada’s top real estate markets including notable trends, in-demand neighbourhoods, changing buyer preferences. economic factors and
As COVID-19 impacts every sector on a global scale, this report dives into how the pandemic is affecting real estate through Q2 and forecasts what lies ahead for Q3.
Engel & Völkers Increases Market Share Amidst Pandemic
Engel & Völkers is reporting an increase in its market share amidst the COVID-19 pandemic across several key Canadian markets. Its advisors quickly shifted toward the brand’s suite of digital tools and technologies to safely and efficiently provide service to clients. As a result, Engel & Völkers saw a 30 per cent year-over-year increase in closed sales volume and 28 per cent year-over-year increase in average sales price across Canada from January to June 2020.
This spring, Engel & Völkers Nova Scotia became the largest real estate brokerage in Atlantic Canada through its merger with Tradewinds Realty, a veteran player in the market since 1989. The number of advisors at the
brokerage has more than doubled and provides leading real estate services to home buyers and sellers across Nova Scotia, targeting the expansive area from Halifax to Sheet Harbour, the Annapolis Valley, Lunenburg, St. Margaret’s Bay and Cape Breton. Engel & Völkers is highlighting Halifax as a market to watch, due to its position as a ‘perfect storm’ seller’s market.
In June, Four Seasons selected Engel & Völkers Montréal to represent its newest residential development with Carbonleo, Four Seasons Private Residences Montréal, a set of 18 private residences that sit atop Four Seasons Montréal. Located in the Golden Square Mile of downtown Montréal, owners will benefit from top-tier hotel amenities including direct access to Holt Renfrew Ogilvy and its iconic spa. Each unit ranges from $6.8-15 million, making it one of the most luxurious residences on the market in Québec.
From January to June 2020 Engel & Völkers saw a 30% YoY increase in closed sales volume.
“Canadian markets are proving their resiliency. Amid stock market fluctuations since March, blue-chip real estate has shown to be a safe investment,” said
Anthony Hitt,
president & CEO, Engel & Völkers Americas. “Demand in Halifax, Toronto, Vancouver, Montréal and Ottawa held through the pandemic, with certain properties selling quickly and with multiple offers. We're seeing how COVID-19 has shifted priorities for some as renewed interest in suburban and country properties has grown. This is creating a buying opportunity in urban areas that will likely last for a limited time. As we expected, 3D virtual tours continue to prove their value. This will be especially advantageous for those looking to migrate to Canada once the borders reopen.”
