Upswing in luxury home sales

Re-Max reports upswing in ‘upper end’ market

Sales of luxury homes have registered an “unprecedented upswing” in the first half of this year, the real estate company Re-Max said today.

In their report on 16 major markets across the country, Re-Max said high-end home sales were up in all regions between January and July.

The highest percentage increase was seen in Edmonton, where sales of more than $900,000 in value rose 521 per cent.

In the Greater Toronto Area, sales of homes costing more than $1.5 million increased 28 per cent, while in Ottawa, homes with an upper-end price point of$750,000 saw sales rise 115 per cent.

In Vancouver, sales of homes $2 million and more increased 48 per cent, while Victoria showed the lowest increase of 13 per cent in all markets surveyed.

“Strong economic performance, especially in Western Canadian provinces, has bolstered consumer confidence levels to such a degree that purchasers in the upper-end are comfortable with a million-dollar-plus investment in real estate,” Western Canadian executive vice-president Elton Ash said in a release.

“Recent volatility in the stock market may trigger further investment in real estate as purchasers move to reallocate their holdings.

In other major markets, the real estate firm said sales had also risen:

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• In Kelowna, B.C., home sales over $1 million rose 64 per cent.
• In Winnipeg, home sales of more than $400,000 were up 86 per cent.
• In London, Ont., sales of homes more than $500,000 rose 32 per cent.
• In Halifax, sales of homes over $350,000 were up 46 per cent.
• In St. John’s, N.L., home sales valued above $350,000 were up 57 per cent.

See Upper End market report »

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