Luxury home sales hit record highs in 2013

Sales of luxury homes hit record highs in over two thirds of Canadian cities in 2013 - according to this report in the Toronto Star. Wealthy locals and a return of international investors in Canadian real estate meant a big boom in the sales of luxury homes and condos - especially after a slump in many cities in 2012.

Vancouver's market saw the highest increase, with a 36% increase over 2012. This meant the sale of over 1600 properties over $2 million - including the most expensive condo in the country. 

This 6500 sq. foot two story condo boasted three bedrooms, four bathrooms, a gym, a pool and a roof top deck. It sold for 25 million last year.

Calgary, Edmonton and Toronto also saw dramatic increases in the sale of luxury homes/

What amounts to “luxury” varies dramatically, from just $500,000 in smaller markets like London, according to ReMax, $1 million-plus in Calgary, more than $1.5 million in the Greater Toronto Area and $2 million and above in what remains Canada’s priciest city, Vancouver.

“Canada’s luxury housing market has undergone serious transformation in recent years,” says ReMax vice president Gurinder Sandhu. “The market is maturing and the appetite is unprecedented.”