Canadian Luxury Home Sales Soar

Re/Max says luxury home sales soared in the first quarter of 2010 as affluent purchasers moved to take advantage of favourable market conditions.

The real estate firm says nine out of the 13 markets it examined shattered records and set new all-time highs for first quarter activity in the upper end.

Kelowna, B.C. led the way in terms of percentage increase at 700 per cent, followed by Montreal at 300 per cent and Victoria at 275 per cent.

The increase in the Toronto area was 263 per cent and it was 184 per cent in the Vancouver region, 169 per cent in Hamilton-Burlington and 164 per cent in Edmonton.

Re/Max says an improved economy, increased personal wealth, immigration and foreign investment all contributed to the upswing in sales.

Greater Vancouver topped the entry-level price point for high-end homes at $2 million, followed by $1.5 million in Greater Toronto and Montreal.

Greater Vancouver also holds the title for the most expensive home sold through MLS in the first quarter – an 11,600 sq. ft. home changed hands for $10.06 million.

“With the return to economic growth, it’s expected that the number of high net worth individuals will begin to rebound, following two years of consecutive decline,” said Sylvain Dansereau, the executive vice-president of Re/Max Quebec.

“Recovery in the upper end has been nothing short of remarkable,” added Elton Ash, the regional vice-president for Re/Max in western Canada.

“There is no doubt that mindset has changed and confidence has returned. One only has to look at the percentage increases to see the current upward trajectory.”

 

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