Join us this Saturday at 6285 Almon Street in Halifax for our annual Yard Sale For The Cure in support of the Canadian Breast Cancer Foundation. Drop by to find yourself a deal while supporting a great cause. Watch for the balloons & you’ll know you’re at the right place!
What: Yard Sale in Support of CBCF
When: Saturday May 26th 8am-12pm
Where: 6285 Almon Street, Halifax
Luxury homes are selling in higher numbers, and at higher price points, than ever before in a number of markets across Canada, according to a new survey of the high-end real estate market.
Of the 16 major Canadian markets surveyed by RE/MAX in its Upper-End Report, 13 posted an increase in high-end sales, with 10 of those markets setting records.
Michael Polzler, executive vice-president of RE/MAX for Ontario-Atlantic Canada, said the luxury home sales spike is due to a couple of factors.
“The fact is there are a lot of people who see Canada as a safe haven. So we have our traditional successful business people but also a lot of people coming in from the outside who are already successful and have money to spend, Polzler told CTV’s Canada AM. “And that of course creates competition and demand.”
Among the wealthiest shoppers in the real estate market, economic turmoil in Europe and around the world seems to have had little effect, Polzler said. Luxury home prices continue to climb, starting at around $500,000 in St. John’s and Halifax, up to about $2 million in Vancouver, and there are people lined up to make an offer.
“Their confidence abounds from coast to coast, irrespective of price point,” Polzler said in the report, released Wednesday.
Of the 16 markets that were surveyed, Regina saw the greatest year-over-year increase, with upper-end residential sales up 56 per cent from the first quarter of 2011.
Quebec City marked a 50 per cent increase, with the Greater Toronto Area just behind at 49 per cent. However, when the numbers were broken down within the GTA, Mississauga recorded an incredible 275 per cent increase, with 30 high-end homes sold, compared to eight in the same period a year earlier.
The London-St. Thomas area in Ontario marked a 43 per cent increase, while Saskatoon was up 21 per cent
In Greater Vancouver, the number of luxury home sales actually dropped by 31 per cent, from 573 sales in Q1 of 2011, to 393 in 2012.
While the numbers overall are up more than RE/MAX had predicted, Polzler said he’s not entirely surprised because dollars — or in this case millions of dollars — stretch farther in Canada.
“This sounds funny but it’s true — we’re a great value. If you compare our high-end prices to somewhere like London, England or Paris, around Europe or Hong Kong, we’re a bargain,” Polzler said.
Following are some market-by-market figures from January 1 to March 31 (luxury home starting price point in brackets).
Greater Vancouver ($2 million)
Calgary ($1 million)
Greater Toronto ($1.5 million)
Greater Montreal (750,000)
Halifax-Dartmouth ($500,000)
Thank you!! We would like to send out a sincere thank you to all of the supporters and donators who helped make our 2012 CMN IWK Auction a Great Success! We raised $13,800 in support of the IWK Foundation through the Children’s Miracle Network. These funds go directly to fund services, care & research provided to Children with illness. The video above does a great job portraying what these Children are faced with.
We look forward to having another successful event next year & once again thank you to all those who donated, attended, volunteered, & purchased items.
The recent cold snap we’ve been having in HRM lately has provided for some interesting conversations with those out shopping for (or showing) houses in these conditions. I thought I would take a minute to reflect on some of the characteristics about our business a la Winter time.
The Winter market:
Residential Real Estate in HRM, like in most cities across Canada, is a very seasonal industry. Real Estate Brokerages & their respective REALTORS(R) generally sell & close 65-70% of all properties sold in 4-5 months - May-September. Some of this results from economic factors but much of it is due to the seasonal basis our lives revolve around. Often people avoid moving during the Winter time due to the fact that children are in school, the Christmas & New Year holidays, March break, and finally of course the weather. In most cases December through March is a slower period with less inventory (houses for sale) and fewer active buyers. This year however it seems the lack of inventory is still true but the number of active buyers seems to be up substantially. In fact here at REMAX nova our agents have been involved in numerous multiple-offer situations over the past two weeks. Even though Winter is regarded as a slower period in our business, it can sometimes be a great time to list or buy due to that exact outlook. Both as a seller or buyer “less competition” (inventory & buyers) can lead to a more desirable outcome, which is what we’ve been seeing in our market recently.
Practical Considerations:
Some considerations to keep in mind when buying (or selling) a home in Winter…
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