The article quotes the Canadian Real Eestate Association (CREA), which forecasts total home sale transactions this year to rise by 8.1%. According to CREA numbers, the national average sales price has increased from $276,646 in July 2006 to $311,495 in July 2007, a whopping 13% percent.
The article goes on to explain that higher-end properties are selling fast due to an influx of international buyers and local executives putting down roots. However, sellers of multi-million dollar homes can expect their property to stay on the market for over a year, as these types of buyers are few and far between.
Houses in the multimillion-dollar range are becoming much more common in Canada, and buyers are jumping on coveted properties and high-end developments before they’re even built. But that is not to say Canadians aren’t still afflicted with sticker shock.
Lisa Williams, a broker with Century 21-Royal Victoria Realty, has had a $15 million Canadian oceanfront property on the market for over 10 months. “Very high-end homes can certainly take more than a year to sell, and sometimes properties don’t sell,” she says. “We have a couple of properties on the high end that have been on the market for a number of years.”
The Forbes article is worth a look as it posts some impressive pictures of the 10 most expensive homes on the market today in Canada.