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Luxury Home Sales Surge
Luxury Home Sales Surge
by Press release - edited - Story: 19579
June 21, 2006 / 6:13 am
June 21, 2006 / 6:13 am
Affluent Canadians are fuelling unprecedented demand for luxury homes from Vancouver to Halifax this year, according to a report released today by RE/MAX.
“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.”
The RE/MAX Upper End Report found that luxury home sales rose to new heights in 12 out of 13 markets in January to May 2006 compared to one year ago, with percentage increases ranging from eight per cent in Halifax/Dartmouth to as high as 177 per cent in Edmonton. Only Windsor, Ontario, where
concerns over the future of the automotive industry are having an impact on real estate in general, reported a decline in sales.
“Million dollar home sales are climbing at a rate never before seen in major centres 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.”
Rising values and renovation have been major factors in the upper-end of the market, redefining price points and reclassifying residential neighbourhoods across Canada. Infill is occurring in virtually every older, established community located in close proximity to the downtown core – creating new upper end enclaves.
Limited inventory levels in areas like Vancouver, Calgary, and Toronto are placing serious upward pressure on prices in ‘blue chip neighbourhoods,’ with many properties now selling in multiple offer situations.
Local buyers, including young professionals, corporate executives, and entrepreneurs are behind the push for upscale homes and condominiums. More and more Canadians are reaching millionaire status and that position is often reflected in their choice of a home.
“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.”
The RE/MAX Upper End Report found that luxury home sales rose to new heights in 12 out of 13 markets in January to May 2006 compared to one year ago, with percentage increases ranging from eight per cent in Halifax/Dartmouth to as high as 177 per cent in Edmonton. Only Windsor, Ontario, where
concerns over the future of the automotive industry are having an impact on real estate in general, reported a decline in sales.
“Million dollar home sales are climbing at a rate never before seen in major centres 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.”
Rising values and renovation have been major factors in the upper-end of the market, redefining price points and reclassifying residential neighbourhoods across Canada. Infill is occurring in virtually every older, established community located in close proximity to the downtown core – creating new upper end enclaves.
Limited inventory levels in areas like Vancouver, Calgary, and Toronto are placing serious upward pressure on prices in ‘blue chip neighbourhoods,’ with many properties now selling in multiple offer situations.
Local buyers, including young professionals, corporate executives, and entrepreneurs are behind the push for upscale homes and condominiums. More and more Canadians are reaching millionaire status and that position is often reflected in their choice of a home.
posted by BCResortHomes.com at 8:31 AM
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