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Mississauga, ON (November 3, 2009) -- Luxury homes sales continue

By Brenda Ruiz,2014-12-02 11:03
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Mississauga, ON (November 3, 2009) -- Luxury homes sales continue

For immediate release

    Luxury housing sales edge higher as purchasers take advantage of buying opportunities in Ontario-Atlantic Canada, says RE/MAX

Mississauga, ON (November 3, 2009) -- Luxury homes sales continue to accelerate as economic

    recovery takes hold in major markets in Ontario and Atlantic Canada, according to a report released today by RE/MAX.

The RE/MAX Upper End Report found that momentum is building in St. John’s, Saint John, Halifax-

    Dartmouth, Ottawa, Kingston, Greater Toronto, Hamilton-Burlington, and London as purchasers realize that the best buying period in recent history is about to come to a close. Sales are already on par or ahead of last year’s levels in 50 per cent of cities surveyed, while the remaining markets are set to reach 2008 figures by year-end.

     % +/-MarketPrice PointSales/08?Sales/09

    St. John’s $350,0001731730

    Saint John$300,00010590-14

    Halifax-Dartmouth$400,000314306-2.5 Ottawa $750,0001531551 Kingston$400,000193190-2 Greater Toronto Area$1 million1,6871,7061 ;;;;;;;;; Toronto East;$750,0002222262 ;;;;;;;;;; Toronto Central$1.5 million3553581

     ;;;;;;;;; Toronto West;$1 million158148-6

    ;;;;;;;;; Thornhill/Richmond Hill; $1 million8310324

    ;;;;;;;;;; Mississauga$1 million9910910 ;;;;;;;;; Oakville;$1 million148143-3 Hamilton-Burlington$500,00012686-32 London$500,000738111 Source: RE/MAX, Local Real Estate Boards, CREA Based on January to September Statistics

    “Twelve months of healthy home buying activity have clearly been crammed into five short months,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. “It’s

    hard to believe that the transition in the market began in May. We’ve seen steady upward momentum since that time, with solid year-over-year gains posted each and every month.”

    -more-

    RE/MAX Upper End Report 2009…..2

    Pent-up demand and greater affordability have been the catalyst. Increased selection in all marketsexcept Greater Torontoas well as record low interest rates have also helped fuel move-up activity from Ontario to Newfoundland.

    Leading in terms of sales appreciation is London, Ontario where the number of homes sold, priced in excess of $500,000, has climbed 11 per cent from January to September 2009, compared to one year ago. Greater Toronto and Ottawa both reported a one per cent increase in the number of homes sold in the top end during the same period. Within the GTA, Richmond Hill/Thornhill is particularly heated, with sales up 24 per cent over 2008 levels, followed by Mississauga up 10 per

    cent. St. John’s, Newfoundland is on par with year-ago figures.

    Of the six markets reporting a year-over-year decrease in sales, four are off by just a handful of transactions (10 units or less), including Halifax-Dartmouth (off eight units), Kingston & Area (off three units), Toronto West End (off 10 units), and Oakville (off five units). Activity in the remaining two marketsSaint John and Hamilton-Burlingtonis on the upswing, with the gap

    between 2008 and 2009 narrowing each month.

    “A considerable shift is underway in the upper end,” explains Polzler. “The price correction that we witnessed earlier in the year is over and prices have since firmed up. Conditions are more balanced across the board or leaning toward seller’s territory once again. The one exception is the Greater Toronto Area -- now largely a seller’s market -- with bidding wars making a comeback amid tight

    inventory levels. The strength of the luxury segment is evident. This is now a real estate market with all sectors working in tandem.”

Highlights:

    ; Upper end sales started to move upward as positive indicators of economic recovery

    began to emerge. The momentum is expected to continue as Canada edges closer to

    positive periods of GDP growth in Q4 2009 and in 2010.

    ; Locals are fuelling luxury sales in the majority of markets surveyed. Activity among out-

    of-province and international purchasers has waned from one year ago, although their

    presence in still evident in some markets.

    ; Sixty-one properties in Canada are currently priced over $10 million, with 18 of those

    located in Ontario. The priciest Ontario home is nestled in Toronto’s prestigious Bridle

    Path area, listed at $23 million.

    ; Three hundred properties currently listed for sale are priced over $5 million in Canada.

    ; In Atlantic Canada, there are 22 listings in excess of $2 million13 in Nova Scotia, five

    in New Brunswick and two in Prince Edward Island. The most expensive property in

    Atlantic Canada is a $7.75 million estate on a bluff fronting the Atlantic Ocean on PEI’s

    north coast.

    - more -

    RE/MAX Upper End Report 2009…..3

RE/MAX is Canada’s leading real estate organization with over 17,000 sales associates situated

    throughout its more than 677 independently-owned and operated offices across the country. The thRE/MAX franchise network, now in its 36 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: www.remax.ca.

    ###

For more information:

Christine Martysiewicz Eva Blay/Charlene McAdam

    RE/MAX Ontario-Atlantic Canada Point Blank Communications

    905.542.2400 416.781.3911

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