Canada’s growing band of millionaires and an influx of foreign investment are driving a boom in the luxury-property sector with six out of eight major centres likely to report new records by the end of the year, according to RE/MAX.
Leading the pack was the greater Vancouver area, where sales of luxury properties priced at $2 million and above more than doubled in the first four months, compared with the same period last year.
Vancouver benefited most from a flood of foreign investment, in particular from China, RE/MAX said. Though some other centres also got a boost from foreign cash, most of the demand came from increasingly wealthy Canadians, it said.
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