Luxury home sales hit new highs in 9 or 13 regions across Canada, according to a recent ReMax Canada report. The report was based on information from brokers.
A luxury home is usually thought of as one falling within the top 1% to 5% of sales. The luxury price range varies across Canada from $400,000 in St. Johns to $2-million in greater Vancouver.
The most expensive home sold in Q1 in Canada was in Vancouver - an 11,600 sq. ft. home for $10M.
The average price for a single, standard detached home in Vancouver is now $800,341 - up more than 20% from a year earlier.
Prices across Canada have also increased significantly in the last 12 months - almost 20%.
Resource: >Globe and Mail luxury homes, home sales, record sales