Luxury Home Market Thriving

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    Canada’s luxury-home market saw sales in three key urban markets recording double-digit gains despite expectations of a slowdown in high-end properties and in the country’s housing market as a whole, says a report by Sothebys. Sales of homes worth $1 million or more were substantially higher in Vancouver, BC; Toronto, ON; and Calgary, AB, in 2013 than the year before. The strength in the high end of Canada’s property market seems to belie the concerns some analysts have about the market as a whole. After sustained price increases that have pushed property values substantially higher than those in the U.S., some expect a sharp correction.