Affluent Canadians are fuelling unprecedented demand for luxury homes from Halifax to Vancouver this year, according to a new report. The report found that luxury home sales rose to new heights in January to May 2006 compared to one year ago, with a 31 percent increase in the GTA, which includes Oakville.
The surge in upper end sales can be directly attributed to three factors:
In addition, limited inventory has further served to underscore the intensity of the marketplace. Rising values and renovation have been major factors in the upper-end of the market and increasingly there is more infill construction occurring. Limited inventory levels in blue chip neighborhoods such as Morison and Central Oakville have resulted in many properties now selling in multiple offer situations.
Local buyers, including young professionals, corporate executives, and entrepreneurs are behind the push for upscale homes and condominiums. In addition, more and more Canadians are reaching millionaire status and that position is often reflected in their choice of a home.