Luxury Homes’ Sales Up

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April 28, 2010

Photo by Hoder Slanger

RE/MAX has just published a new Upper End 2010 Report! It analyzes the current situation and trends regarding luxury homes in 13 crucial Canadian housing markets. Nine of those saw record numbers this year. The Greater Toronto Area is one of them.

In GTA, the first quarter of 2010 was very successful. While in 2009, only 76 homes over $1.5 million were sold during the first three months of the year, this year it was 269. Such sales now represent just a little more than 1 percent of total residential sales in the area, the report states. The most expensive transaction so far in 2010 was reported in Rosedale, where a single-detached home was sold for $6.25 million. The highest priced listing, located in Bridle Path, was a lot higher than that, at $23 million.

Part of the reason for this success, is the fact that our country and city seem to appeal to quite a few people from abroad. According to RE/MAX, who stated: “The relative stability of Canada’s residential housing market and sound banking practices continue to attract investors from overseas”. Personally, I think that’s true.