Accelerated demand pushing five-year growth rates into double and triple-digit territory
Mississauga, ON (January 28, 2013) – Significant gains at the top end of the country's housing market continued to demonstrate the overall strength of Canadian real estate in 2013, according to a report released today by RE/MAX.
"Canada's luxury housing market has undergone serious transformation in recent years, setting a new standard for lifestyles of the rich and famous," says Gurinder Sandhu, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. "High-end homes are commanding top dollar in blue chip neighbourhoods from coast to coast. Condominiums are hitting price points that rival single-detached homes. The market is maturing and the appetite is unprecedented."
Greater Toronto Area Luxury home sales in Canada's largest real estate market continued to climb in 2013, rising 18 per cent to 1,908 units—setting a new record for upper end activity priced
in excess of $1.5 million. Inventory levels played a key role in the uptick, with more buyers vying for fewer product, especially in prestigious central core districts, including Rosedale, Forest Hill, Lawrence Park, Bridle Path, Hogg's Hollow, and, to a lesser extent, west end neighbourhoods such as the Kingsway, Edenbridge, and Princess Anne Manor.Oakville Oakville—one of the 905's most desired communities with a long-standing tradition of high-end sales—experienced unprecedented demand yet again, setting a new record for home sales over the $1.5 million price point in 2013. One hundred and fifty-six luxury properties changed hands last year, up 19 per cent from the 131 sales reported in 2012.
Asif Khan & Associates