Updated: Fri Jun. 12 2009 5:30:06 PM
ctvtoronto.ca
A new report on the Toronto real estate market suggests it is once again moving at full steam, with high-end homes selling at record rates.
May was the strongest month ever for sales of luxury homes in the Greater Toronto Area, according to RE/MAX Ontario-Atlantic Canada.
In that month, 273 homes were sold for more than $1 million each, compared to 258 sold in the same month one year earlier -- a difference of 6 per cent.
"What we are seeing is confidence is returning to the marketplace, and there are some market dynamics that are in place with consumers returning to this level of the marketplace," said Christine Martysiewicz, of RE/MAX Ontario-Atlantic.
"There is a shortage of inventory and there is pent-up demand, so that is all a sign of the current market conditions out there."
The previous record for luxury home sales in the GTA was set in May 2007, when 266 homes were sold for over $1 million.
The new record marks the highest number of luxury home sales in the history of the Toronto Real Estate Board...full article
