Forbes Magazine Examines Canada’s Luxury Home Market

7_1015home.jpgAn article posted on the Forbes Magazine website yesterday discusses the strong home sales activity that continues to take place in Canada, particularly among high-end properties.

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.

Property sellers in Canada should note that single property websites from UniqueHomeSites.com are a great way to market luxury homes for sale on the Internet.

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