May was the strongest month ever for sales of luxury homes in the Greater Toronto Area.
In that month, 273 homes were SOLD for more than $1 million each, compared to 258 sold in the same month one year earlier. This is a difference of 6%!
There is a stortage of inventory and there is pent-up demand, so that is the current market conditions.
There is confidence returning to the marketplace.
It has been predicted that total sales in 2009 will meet or exceed those of 2008!