5:55 AM Apr 19, 2023
“Meanwhile, demand is definitely there, and intensifying. People really want to transact. But the reality is there are just not a lot of properties coming on the market. At the end of the day, we need to add more inventory to our decade-long shortage of housing.” After finding balance towards the end of 2022, Montreal’s luxury market saw sales over $4M dip 33% annually in Q1 2023, while sales over $1M declined 43% year over year.
In fact, the number of listings has begun to creep up over the last few weeks, especially in Toronto. Should the necessary inventory materialize, Canada’s luxury markets are in for a “healthy” spring.
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