15 Nov Condo builders push to meet a luxury shortage.
Original article via Globe and Mail. Click here to read.
There are more millionaires than ever in Canada and while affordability isn’t an issue when the well-heeled shop in the luxury-condominium market, they may face a constraint that also plagues middle-income and lower-income house hunters: There’s simply not enough supply.
According to the 2018 Re/Max Spotlight on Luxury, only 37 condos worth more that $3-million have transacted in Toronto in both 2017 and ’18, and in Vancouver the number actually fell 13 per cent from 68 to 59 in 2018. In most other cities, the number condos selling in that range is in the low single digits.