Based on recent collected data, the luxury housing market is not seeing any slow downs any time in the near future. Sales for ‘Luxury homes’ are that of 75% higher than that of ‘average home’ sales. One of the biggest cities in Canada, Vancouver, had an increase of ‘luxury home’ sales up to that of 36% based on comparables from 2012 to 2013. In the city of Toronto, ‘luxury home’ sales were up by 18% compared to 2012. The most expensive home sold in 2013 was located in the city’s bridle path neighborhood for 13.4 million with a boastful 21,000 sq ft of room. All research information was collected by ReMax.
When seeing these figures, we can see the real estate market is far from dead and projection is that we will still have a modest boom this year!
Contact Robert Clancy today to discuss your real estate plans!