The Institute’s Luxury Market Report is your guide to an analysis of the trends and comparative data on the top-residential markets throughout Canada and the United States.
March’s report reviews the current statistics for the luxury market in North America month over month and the 13-month trend.
Over the last 18 months, the real estate market has been a hot topic, with luxury properties being the focus of many a news bulletin.
One constant in a sea of views and trend analysis is that ‘the home’ has officially become one of the most essential factors in today’s decision processes for how individuals choose their way of life.
While the parameters surrounding individuals’ search requirements may not have changed significantly from pre-pandemic times, this month’s report examines the cause behind this enormous demand, especially for luxury properties, and reveals some staggering statistics.
Also this month, the report highlights the two other factors that have not only played a significant part but will probably have a much longer-lasting effect on demand for luxury properties.
The Wealth-X research included shines a light on both substantial increases of global wealth and, more significantly for the luxury real estate market, the population growth of individuals who are now classified as high-net-worth (HNW)—those with over $5 million in net worth.
The Institute includes statistics from Coldwell Banker Global Luxury’s recent report, which focuses on the growth of the HNW population and their wealth and their increase of homeownership of properties over $1 million.
Equally impressive is the growth of multiple homeownership both in the U.S. and internationally and how significant this new wealth has proven for many of these new HNW indivuals.
While extreme situations such as the pandemic will often cause equally extreme results, The Institute examines why the growth (or decline) of the HNW population and their wealth will play a more important role in the long-term demand for luxury real estate.
