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Luxury Real Estate Prices Continue to Climb

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CBC News reports that luxury real estate prices continue to climb in Canada, specifically in Toronto and Vancouver. With luxury homes selling for over 3 million dollars, luxury condos are now frequently selling for over one million dollars.

Think luxury listings are exaggerated? A recent report explains “in June 2015, there were 379 homes in that price range sold in Toronto, compared to 179 a year ago. In Greater Vancouver, 572 homes above $3 million were sold in the month, compared to 319 a year ago. The highest price paid for a Greater Vancouver property was $17.5 million.”

Montreal is also experiencing an increase in luxury real estate sales as “340 homes in the $1-million plus range sold…in June… a 24 per cent increase from the previous year.” Condo sales in the 1 million dollar range are increasing in all major Canadian markets.

Interestingly, most luxury condo sales are going to baby boomers who are downsizing for retirement.

Foreign real estate investors are a hot topic in the news as of late due to the Prime Minister recently making an election promise to start tracking foreign investment in the Canadian housing market.

What’s fueling your interest in luxury real estate? Are you a foreign investor who sees Canada as a safe bet or a baby boomer downsizing for retirement? Let me know how I can help you find the perfect property.

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