Investing in an extravagant property is something you need to give more detailed thought and consider all the factors that affect this purchase closely. Luxurious properties are always in demand, but the recent years and a global slow-down of real estate have shown us that even investors with serious buying power can’t afford to waste their money. Luckily, we’re going through an after-pandemic phase and everything is going back to normal, so more buyers are interested in upscale properties. But is it the right time for you to make such a purchase? Let’s check Canada’s luxury real estate trends and predictions and try to decide if this is the year to invest in a high-end property.
The luxury real estate market is coming back
The year 2022 has been quite uncertain for many, including the real estate markets all around the world. Worldwide inflation, tax, and interest rate changes have made luxury property demand drop more than 25%. However, as we’re approaching the summer of 2023, both buyers and sellers of luxurious properties are becoming less shy and the demand is slowly becoming more balanced.
Short-term rentals in luxury real estate
Even when they are staying for just a couple of days, people want a dash of luxury on their vacation. Luxurious rental properties are becoming more and more popular in Canada, and you can find them around Vancouver, outside Ottawa, and surrounding Lake Ontario. Glorious properties in attractive locations attract wealthy travelers who want to spend a bit more to spend a holiday in a private home. Aside from the location, they are into luxury features and amenities that will make their holiday even better – super-equipped kitchens and outdoor areas, a swimming pool or a hot tub, and more. This makes luxury properties a smart investment as rentals now make more profit than ever.
Buyers market and lower selling prices
With the real estate market just beginning to heal after a couple of unstable years, luxury properties may not increase in price. In fact, luxury real estate will become a buyers’ market in the upcoming months. Sellers will have to do their best to attract buyers – and dropping the prices a little bit is one way to do that. The recovery of the Canadian housing market will take some time, and until then – sellers will need to struggle to attract serious buyers with strong buying power.
Drop in luxury sales is slowing down
The number of luxury properties sold in major Canadian cities has been decreasing in the last couple of years. However, the station is slowly stabilizing and now we have a slow but steady increase in those numbers. Buyers who want to upsize their households find this a perfect opportunity to get a bigger property for a rather affordable price.
Reasons to Invest in a luxury property
Close attention to Canada’s luxury real estate trends is one of the essential steps of this purchase. But it’s also important to reevaluate the reasons for making this purchase and consider all the benefits. Luxury properties are a great investment for a couple of reasons:
- They are always in demand – even during a financial crisis, wealthy buyers will look for luxury properties to invest in. With proper maintenance, you’ll be able to sell the property at any time.
- Great rental potential – as we mentioned, luxury rentals are getting more and more popular these days, making them useful for those looking for a source of passive income.
- Comfort and convenience – if you’re looking for a new home, a luxury property will ensure a high-quality lifestyle, comfort, and convenience. Durable materials, attractive amenities, and a good location are common strong points of such properties.
Luxury properties are always in demand.
Finding a dream home – things to keep in mind when buying a high-end property
Finding homes doesn’t get easier with a bigger budget. The search can be time-consuming and the purchase can be risky in case you’re not careful. Here are some things to consider when looking for a property in Canada’s luxury real estate to become your new home.
Dig deeper to find a quality home
Luxury properties are not that easy to find. Very often, they are not included in common listings due to privacy issues, and you won’t find them on big real estate websites. Instead, you’ll need a connection – an experienced real estate agent who will be able to connect you to the right sellers. Experts at professionalmover.ca advise you to create a skilled team to help you buy and settle in your new home. From real estate agents to the moving team, always choose people who are locally renowned and have plenty of satisfied customers.
Do the online and offline house-hunting
Sellers invest a lot into presenting their homes well online. They offer professional photos and videos of the property to share the most important details but also emphasize all the great features of a property. However, that simply isn’t enough. While virtual tours are convenient, particularly for properties in another city or province, make sure you support your search with an actual visit. This will help you check the location better, and experience the atmosphere inside the property.
Go for timeless uniqueness
To make sure you’ve got the best value for money, go for timeless uniqueness when buying a luxury property. Whether you’re moving into the property or renting it out, choose a home that has unique features that never go out of style.
Location is equally important
The majority of the charm and value of a property comes from the location. It’s one of the biggest differentiating factors in Canada’s luxury real estate market, so always be mindful of the surroundings of a property you like. Toronto area is where you can find waterfront luxury properties where buyers appreciate a good view of Lake Ontario. However, you can even find a luxury property a bit outside the city and save some money, as such properties tend to be more affordable. In that case, organize your move from Toronto on time and leave transport to specialists who know their way with high-end relocations.
Final words
Investigating Canada’s luxury real estate trends and predictions can be the first step to finding your new home. However, the house-hunting process involves a couple of steps and can be quite complex, so be sure to have the right team by your side and plenty of patience as it surely pays off in the end.
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