LUXURY HOME SALES ON THE RISE!
Luxury homes in Canada sold briskly during the first three months of this year, shattering records for first-quarter activity in nine of 13 Canadian markets, a RE/MAX report says.
The report called Upper End 2010 cites improved economic performance, increased personal wealth, immigration and foreign investment as catalysts in the sales surge.
The recovery in luxury home sales is "nothing short of remarkable," said Elton Ash, regional executive vice-president of RE/MAX in Western Canada.
"This segment of the market was hardest hit when the recession took hold, yet its comeback has been fast and furious."
Sales rates over the same period last year increased 700 per cent in Kelowna, B.C., 300 per cent in Montreal and 263 per cent in the Greater Toronto Area, RE/MAX says.
The entry point for high-end homes in Vancouver hit $2 million, with Toronto and Montreal posting entry-level luxury home prices of $1.5 million.