REMAX has released a report on how many luxury homes sold over $1 million in Toronto and the GTA. It seems the top end of the Real Estate Market in Toronto is returning to even higher levels with the highest number of sales over $1 million in a one month period in the history of the Toronto Real Estate Board.
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May 2009 strongest month on record for luxury home sales, says RE/MAX
MISSISSAUGA, ON, June 12 /CNW/ - Sales of luxury properties in the
Greater Toronto Area posted their strongest performance on record in May 2009,
according to RE/MAX Ontario-Atlantic Canada.
Two hundred and seventy-three high-end homes changed hands in May 2009,
up six per cent from 258 reported during the same period one year earlier, and
the highest number of sales over $1 million in a one-month period in the
history of the Toronto Real Estate Board. The previous record was set in May
of 2007 at 266 sales.
"Confidence is slowly returning to the marketplace," says Michael
Polzler, Executive Vice President, Regional Director, RE/MAX Ontario-Atlantic
Canada. "Traditional market indicators are in place - the stock market has
made tremendous gains in recent months, crude values have risen significantly,
and the Canadian dollar has gained almost 10 points in the past month. Combine
these influences with pent-up demand and growing economic stability and you
have the ingredients for solid sales in the top-end of the market."
Further evidence of a rebound is the recent sale of a Bridle Path home
priced at over $13 million, the first sale over the $10 million price point in
more than a year. The 18,000 sq. ft. gated estate, situated on more than two
acres, was listed by Barry Cohen, Broker, RE/MAX Realtron, and featured a
spectacular backyard with a negative edge waterfall pool, fountains, hot tub,
and tennis court.
Demand for homes priced in excess of $1 million has increased steadily
since the beginning of the year, says Polzler, mimicking the overall real
estate market. Seven hundred homes have changed hands year-to-date, compared
to 944 in January to May of 2008. Given current momentum, however, it's likely
that activity will continue at a healthy pace for the remainder of the year -
with sales at year-end at least on par or ahead of 2008 levels.
RE/MAX is Canada's leading real estate organization with over 17,600
sales associates situated throughout its more than 677 independently-owned and
operated offices across the country. The RE/MAX franchise network, now in its
36th year, is a global real estate system operating in more than 70 countries.
Over 6,700 independently-owned offices engage nearly 100,000 member sales
associates who lead the industry in professional designations, experience and
production while providing real estate services in residential, commercial,
referral, and asset management. For more information, visit: http://www.remax.ca
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Top 10 Months for Luxury Sales over $1 million
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Rank No. of Sales Month/Year
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1 273 May-09
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2 266 May-07
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3 262 Apr-08
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4 258 May-08
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5 256 Jun-07
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6 252 Oct-07
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7 238 Nov-07
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8 237 Apr-07
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9 227 Jun-08
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10 221 May-06
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Source: RE/MAX, Toronto Real Estate Board
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