Luxury home sales spike in The Blue Mountains: Sotheby's
Some of Canada's top-tier ski real estate markets are poised to hit new elevations in demand, pricing and sales.
According to a new report released by Sotheby's International Reality Canada, a strong Canadian economy, changing lifestyle trends amongst baby boomers, a low Canadian dollar and rising consumer confidence are all contributing to a surge in real estate sales this year near winter recreation centres like Blue Mountain.
"Many Canadian ski markets took over half a decade to recover from the impact of the 2008-2009 Great Recession,” said Brad Henderson, President and CEO of Sotheby's International Reality Canada. "Recovery has climbed a gradual slope over recent years; in 2017, we have seen a sharp rise in consumer demand and promising market conditions."
In The Blue Mountains, 111 properties sold between $500,000 to $1 million, up 23 percent from the 90 properties sold the same period a year ago.
Luxury sales over $1 million saw 127 percent gains to 50 properties sold, compared to 22 properties sold over $1 million over the same period in 2016.
"Take that equity from a $2 or $2.5 million home and come up here and buy a really nice home for 8 or 9 hundred thousand dollars makes a lot of sense to them," said broker Gerry Wayland.
Four properties sold for more than $3 million so far this year.
- With a report from CTV Barrie's Roger Klein.