Regions Release Canadian Luxury Home Report

The latest edition of the Upper End Report chronicles the rise in luxury home sales in Canada. The report includes statistics on the most expensive home sold on MLS this year and the most expensive home currently listed.

According to the RE/MAX Upper End Report, the rising number of affluent Canadians is fueling the unprecedented demand for luxury homes across Canada this year.

"The surge in upper end sales can be directly attributed to three factors," says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. "Existing homeowners cashing in on substantial equity gains to re-invest in the top end of the market; strong economic performance across the country; and solid consumer confidence levels. Limited inventory has further served to underscore the intensity of the marketplace."

In Canada, luxury home sales reached even higher levels in 12 out of 13 markets from January to May 2006 compared with one year ago. Percentage increases ranged from eight percent in Halifax to a staggering 177 percent in Edmonton. Graphs in the Upper End Report clearly illustrate these increases.

"Million dollar home sales are climbing at a rate never before seen across the country," says Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. "The Canadian love affair with residential real estate is far from over. If the market continues at this pace, existing sales records for all types of real estate, including upscale properties, will be shattered by year end."

Statistics offered in the report are of interest. For example, the highest-priced MLS sale in Canada this year was a listing in Greater Vancouver that sold for $10.8 million. Also, the most expensive listing is a $45 million waterfront estate in Oakville, Ontario.

Copyright © 2006 RE/MAX International Inc. 6/29/06

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