Elli on Luxury homes in Toronto

"One million dollars is not an elite distinction for homes anymore", says Elli Davis

Houses in the multimillion-dollar range are becoming much more common in Canada, and buyers are jumping on coveted properties and high-end developments before they're even built.

(...) "One million used to be what we would call a "carriage trade" property as an elite distinction for the home," recalls Elli Davis, a leading Sales Representative for Royal LePage Toronto. "Today I would say it 's closer to $2 million and up. Prices in new condo developments in Toronto are up in the range of $1,000 to $1,500 per square foot, which is a relatively new price range in Toronto in the last few years.

The latest Carriage Trade Luxury Properties Report released by Royal LePage Real Estate Services found that in Greater Toronto, Calgary, and Greater Vancouver--three areas containing many of the nation's priciest properties--1,237 homes going for $1 million Canadian and up were sold in the first quarter of 2007, compared to the 995 sold in the first quarter of 2006. Calgary had the greatest increase--38%--due to an influx of international buyers and local executives putting down roots."

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