According to the RE/MAX Upper End Report, big cities in Alberta and Saskatchewan led the pack in year-over-year high-end sales for the first quarter of 2013, while the Greater Vancouver Region was home to some of the priciest properties in Canada.
Sales of high-end homes broke records in six of the 16 markets studied. Calgary, where the lower price limit for luxury homes sits as $1 million, saw the biggest gains in the country. Sales in the first quarter of 2013 jump by 50 per cent compared to the same time time the year before. It was followed by Edmonton, which saw the sales of upscale homes increase by 41 per cent.
“Luxury sales were slow out of the gate in 2013, but momentum is clearly starting to build,” said Gurinder Sandhu, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada, in the news release.
“A growing number of purchasers are moving off the sidelines and into the market—even in centres that reported a dip in first-quarter sales. All the indicators are pointing to a traditional spring market poised for considerable growth.”
Here’s how some of the other stats break down:
- In the Greater Toronto Area, the luxury price point sits at $1.5 million. Though sales in the first quarter slipped 11 per cent compared to the same period in 2012, it managed to secure the top spot for the greatest number of upper-end sales (366 in total) for the first quarter.
- After Calgary and Edmonton, the market that saw the highest percentage increase in luxury sales was Regina, which saw a boost of 10 per cent compared the first quarter of 2012.
- The biggest drop was recorded in Victoria. Sales of properries priced at $1 million and above dropped by 39 per cent in the first quarter of 2013 compared to the same time last year.
- British Columbia saw further declines. Vancouver’s luxury homes are the most expensive in Canada: anything above $2 million makes the upscale grade. It saw a 29 per cent drop in luxury sales, the second steepest drop in the country.
- The country’s most expensive sales in the first quarter were a $18.6 million single-family estate and a 5,700-square foot condo with an $8 million price tag. Both were located in Vancouver’s Westside.
- The most expensive property currently listed for sale in Canada is a $28.888 million property on Marine Drive in West Vancouver. The most expensive condo is in the Cordova area of Vancouver’s Westside and has an asking price of $28.8 million.
Check out the table below for more details…