If top luxury real estate agencies in Canada are right, the wealthy really are different, at least when it comes to the current real estate market.
“There is a growing divide between the behaviour of the ultra-luxury market and the market for conventional homes,” explains Don Kottick, president and CEO of Sotheby’s International Realty Canada. “With greater financial resilience to adapt to rising interest rates, prospective high-end buyers are actively assessing investment opportunities as the market adjusts. Conventional home buyers may require more time to adapt to the new reality.”
Says Faith Wilson, president of faithwilson|Christie’s International Real Estate, Vancouver, “Properties within the mid- to upper-level range can remain on the market for longer periods than homes within the ultra-luxury bracket. For the latter, we tend to see local and international buyers interested in the upper-tier end of homes.”
As most buyers wrestle with rising interest rates and inflation, ultra-luxury buyers are shopping for property that Wilson says offer “the capacity to act both as a retreat and space to entertain guests.”
In Western Investor’s upcoming August edition, we present a selection of ultra-luxury homes and investment opportunities. Among the latter is 13 acres at Sooke Point, an award-winning oceanfront development less than an hour from Victoria.
The first phase sold out 134 homes. Offered for sale is the second phase, which will provide for over 450,000 square feet of density in “an engaged and rolling project complete with approvals, marketing and pre-sales in place,” according to Colliers Unique Properties agent Alan Johnson. The price is yet to be determined.