19 May 2011

Luxury home purchases increase 9 percent in Toronto

While some reports have indicated the Toronto economy is slowing, the rate of luxury homes purchased in the GTA suggests things are just fine.

According to RE/MAX Ontario-Atlantic and RE/MAX of Western Canada, sales of high-priced homes have jumped nearly 66 percent across the country in the first quarter of 2011 compared to the same three months of 2010.

Elton Ash, regional Executive vice president of the Western Canada arm of the real estate organization, said the numbers are staggering.

“The strength of the upper-end segment continues to defy expectations, said Ash. “That demand remains largely domestic speaks to the solid underpinnings of the market.”

The average luxury home goes for approximately $1.5 million in Toronto, according to RE/MAX, and the 435 sold represents a near 10 percent increase compared to the first quarter of 2010.

Greater Vancouver saw the biggest sales increase, as luxury home purchases there surged 118 percent.

Though luxury homes typically have plenty of space, owners often require extra space to make room for all the things they’ve purchased over the years. Toronto storage can accommodate such scenarios. 

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