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 —————————————————
Top 10 Months for Luxury Sales over $1 million ————————————————— —————————————————
Rank No. of Sales Month/Year —————————————————
1 273 May-09 —————————————————
2 266 May-07 —————————————————
3 262 Apr-08 —————————————————
4 258 May-08 —————————————————
5 256 Jun-07 —————————————————
6 252 Oct-07 —————————————————
7 238 Nov-07 —————————————————
8 237 Apr-07 —————————————————
9 227 Jun-08 —————————————————
10 221 May-06 ————————————————— —————————————————
Source: RE/MAX, Toronto Real Estate Board —————————————————
End of article.
Toronto Luxury homes continue to attract buyers in our current Real Estate Market with bidding wars again appearing on demand locations like downtown Condos, Annex homes, and North York Condos.
Four Ultra Luxury Toronto Condos are now under construction:
- Ritz Carlton: Opening Date -2010
- Four Seasons:Opening Date -2012
- Shangri-La: Opening Date -2012
- Trump International:Opening Date Early- 2011
There are many Condos in each of these projects well over $1 million dollars that will contibute toward even more Toronto luxury home sales in the future.
Updated: October 11, 2012