Modest rate hikes will have little impact on sales of high-end homes: Sotheby’s
TORONTO — The CEO of Sotheby’s International Realty Canada says a modest increase in the overnight lending rate will probably have very little impact on the Canadian housing market, particularly in the high-end segment.
Brad Henderson says high net worth individuals tend to be less affected by increases in interest rates than Canadians who spend a significant portion of their income on housing-related costs.
His comments came as the realtor released its latest report on the high-end real estate market, noting that the Greater Toronto Area led the market in the first half of 2017 in terms of sales of homes worth over $1 million.
The GTA saw 14,292 high-end homes change hands from January 1 to June 30 of this year — an increase of 41 per cent compared to the same period last year.