The deeds to 931 homes changed hands in the first three months of 2017, up 36% over the same period a year ago, but that increase in activity has done nothing to low the pressure on prices.
Foreign buyers are one of the key drivers in this city, particularly in the luxury home segment. According to Re/Max’s Spring Market Trends Report, luxury homes worth $3 million or more are in particularly high demand with foreign buyers and families looking to upsize. As a result, the real estate company says a new trend has emerged where existing owners are selling their homes and leasing back the property in order to capitalize on the surge in prices.
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