Luxury home sales hold steady in most major markets across the country, says RE/MAX
Two-thirds of markets surveyed report upswing in the number of upper-end homes sold in 2008Mississauga, ON (September 25, 2008) - Luxury home sales have outperformed virtually all other residential price points this year, but activity in the top-end is expected to taper in most major Canadian centres in coming months, according to a report released today by RE/MAX.
The RE/MAX Upper-End Report, which highlights trends and developments in 15 housing markets across the country for the first seven months of 2008 found Vancouver, Victoria, Regina, Saskatoon, Winnipeg, London, Kitchener-Waterloo, Ottawa, Halifax-Dartmouth, and St. John's all experienced an upswing in sales activity, while declines were noted in Kelowna, Calgary, Edmonton, Hamilton-Burlington, and Toronto. Also significant is in all but two markets, percentage increases in sales were greatest in the upper-end when compared to the overall residential marketplace in 2008.
"Given the transition occurring in most residential real estate markets, upper-end sales remain exceptionally strong," says Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. "The market for luxury homes is usually the first to show pressure cracks, but the reverse is actually true this year, with pent-up demand (due to trade-up activity), less speculation, and job transfers all factors contributing to stability in this segment. That being said, we feel uncertainty in financial markets both here and abroad will give purchasers cause for concern in the immediate future."
I was surprised that the west Toronto Etobicoke market volume declined 5% while the Mississauga Homes sold in the at same category increased by more than 20 %.
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