Luxury Real Estate Blog and News
Actress Halle Berry is asking $1.9 million for her three-bedroom vacation home outside Montreal. She bought the gated and forested 63-acre property in Saint-Hippolyte in 2008 for $1.6 million CAD.
Chinese buyers are dominating luxury home sales in Vancouver and pushing up real estate prices, according to an analysis of property tax assessment bills by Landcor Data Corp.
The Key, a Vancouver-based sales and marketing firm recently suggested there has been a wave of Chinese investors buying into the Vancouver and Toronto property market.
Residential property prices in Canada are set to fall 1.3% in 2011 after a rise of 3.1% this year, according to the Canadian Real Estate Association.
A US style property price correction scenario is unlikely to happen in Canada with the real estate market set to remain stable, according to new research. The property market is widely regarded as being at, or very near, the top of its cycle and experts expect it to be stable for some time, says the report from The Canadian Real Estate Association. ‘The relationship between average price and income has recently been cited as portending a US style correction in Canadian home prices. However, such warnings ignore the longer term relationship between prices and income and disregard typical Canadian housing market cycle dynamics,’ said Gregory Klump, Chief Economist at CREA.
Canada's most expensive residential sale so far this year occurred last month. Falkridge, a luxury retreat in the Calgary region, sold for $13.1 million after being on the market just a few weeks.