Luxury Home Inventory Depleted
The depletion of available homes is driving prices higher for lower price points and increasing demand for the luxury sector, says RE/MAX Canada’s ‘2023 Spotlight on Luxury Report.’ Overall sales in the high-end market were lower in the first quarter of 2023 than a year earlier, but were at least as strong as the fourth quarter of 2022 in 10 of the 15 markets included. Christopher Alexander, president of RE/MAX Canada, says that bodes well for the second quarter. "Bolstered by lower fixed-term mortgage rates and attractive housing values, buyers are taking advantage of this window of opportunity to secure home ownership. Listings, however, are few and far between in most areas of the country and finding the right home has proved challenging." In some markets, there is now tighter inventory than there was during the pandemic, says the report.