GO BIG & GO HOME!

Canadians want more luxury homes, Re/Max says
By Canadian Press May 16, 2012

MISSISSAUGA, Ont. – The Re/Max real-estate sales organization says demand for high-priced housing was strong in most Canadian markets in the first months of this year, with records set in 10 of the 16 markets it tracks.

Vancouver was one of the six markets where the luxury market has cooled off after an especially hot period last year but demand in Toronto remained high.

The organization says the price of luxury housing depends on the market, from a low of $500,000 in such mid-sized cities as St. John’s, N.L., and Halifax to a high of $2 million in the Vancouver area.

In the case of Regina, which had the biggest increase in luxury sales this year, there was a 56 per cent more sales of at least $500,000.

In Canada’s most expensive market, Vancouver, there was a 31-per-cent decline from last year’s peak with 393 luxury homes sold in the first quarter.

By contrast, Toronto’s market has been hotter than last year, with 412 homes sold for at least $1.5 million each – a 49-per-cent increase from early 2011.