2022 Review Top Tier Report Sothebys International Realty Canada
Following an era of exorbitant hyperinflation in Canadian luxury real
estate, new post-pandemic benchmarks were established in 2022
as the housing market responded to a cascade of stressors. Against
a backdrop of mounting economic uncertainty, steep interest rate
hikes, escalating inflation, a stubborn deficit of housing inventory
and sweeping housing taxation and regulatory changes, prospective
luxury real estate sellers and buyers withdrew strategically from the
market in anticipation of greater opportunity in 2023. By the end
of 2022, the country’s major metropolitan areas emerged from a
historic chapter of hyperinflation into a new era where consumer
demand for housing and housing mobility remained unrelenting,
just as market conditions verged on favouring buyers.