With springtime in full swing, real estate markets across Canada are ripe with activity. Wondering what’s happening on-the-ground? Engel & Völkers’ latest Canadian Spring Market Report provides a national forecast and outlook for major luxury markets across the country, including Toronto, Montréal, Vancouver, Victoria, Ottawa, Muskoka and Collingwood.
Overall, the tail-end of Q1 has seen markets pick up momentum after a slower start in January and February, and government regulations have and will continue to affect Canadian real estate. This season, from the foreign buyers tax in British Columbia, to the non-resident speculation tax in Ontario, to the national mortgage stress test, regions find themselves in different stages of buyer, seller and transitional cycles.
Ottawa has emerged as a hot housing market with its healthy economy, population growth, attractive labor market and strong demand for condos, while prime cottage country regions such as Muskoka and Collingwood transform into destinations for long-term residential living for retirees and families, in addition to maintaining their summer getaway status.
Flip through the full market report above to get a pulse on the latest in Canadian real estate.