Luxury real estate market in upswing in major Canadian cities

If you have been in the market hunting for a luxurious home. You have got company and lots of them. There was a record shattering over 30% increase in sales from 2012 in cities like Vancouver, Calgary & Edmonton. The survey was conducted by RE/MAX in 16 markets and 75 percent of the market recorded an increase over past year.

Vancouver is the hottest market which recorded 1609 sales of house priced at or over $2 million. The city marked a 36% jump over 2012. It also holds the record for the most expensive home sold in 2013 which was a 3 bedroom condo valued at $ 25 million. In Vancouver the growth has been fuelled by the tear down of old homes and building new ones priced between $5 million to $10 million.

The study reflects that the luxury home sales growth momentum may continue to 2014 in spite of warnings by trade pundits.

Some cities were left out from the surge in luxury real estate sales namely Montreal, Victoria & Halifax.