per Tony Wong Toronto Star November 4,2009
According to a Re Max Ontario Atlantic Canada study released Tuesday, the luxury market is making a comeback with sales in the Toronto area just slightly above last year's levels.
There were 1,706 luxury homes sales if $1 million or over in the GTA in the nine months ending in September, compared with 1,687 sales last year, an increase of 1 per cent. The bulk of those sales were made in the last quarter.
During the first four months of this year, sales of luxury homes and condos were hardest hit, as consumers retrenched. The markets came to life when stock markets staged a comeback earlier this year, along with promises of bonus cheques on Bay street.