Saturday, June 13, 2009

Luxury Homes Sales in Toronto Hit Record High in May

According to a recent news report by CTV Toronto sales of high-end luxury homes in Toronto reach a new record during May. According to the report, there were 273 sales over $1 million in Toronto during the month as compared to 258 in May 2008, an increase of 2008.
We have certainly seen a resurgence of higher-end residential sales here in the Georgian Triangle as well. During the month of April, there were 4 MLS® sales reported over $800,000 including one over $1 million. By comparison there had only been one such sales in the 4 months prior to April. During May we had 2 sales between $1 to $1.5 million and one property sold over $1.5 million, a power-of-sale at just over $1.8 million.
As much as we have seen an increase in upper-end home sales throughout the Georgian Triangle in recent years, $2 million is a barrier that few properties can command or on the other hand, few buyers seem willing to enter. In the last 3 years we have seen just two residential sales over $2 million. Both properties were larger acreages with homes offering 6,000 square feet of finished space.
The resurgence of the Toronto luxury home market signifies perhaps two things. The first is that perhaps the worst of the recession is behind us. If that is not the case, then at least this trend points to the fact that buyer confidence in this segment of the market has returned which is true of the real estate market in general. Purchasers have come to realize that prices are at their lowest level and with a good selection of inventory in all price ranges including the upper-end, now is the time to buy.

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Rick relocated to Collingwood from Toronto in 1985 through a transfer with Goodyear Canada. In 1987 Rick was recruited by a major client of Goodyear’s, managing their Canadian business based in Barrie before moving to Chicago in 1992 as Vice President of Sales & Marketing. Upon returning to Canada in 1996, Rick ran an industrial products manufacturing company in Stratford, Ontario. In 1998 Rick returned to Collingwood with his two children. Rick is a licensed real estate Broker with Royal LePAGE Locations North in Collingwood and holds his MVA designation (Market Value Appraiser-Residential). He is an active volunteer in the community serving several years on the Board of Directors with the Collingwood Chamber of Commerce as Treasurer, 6 years on the Board of Directors for the Southern Georgian Bay Association of REALTORS® of which he is the Past President (2008) and currently serves on a committee with the Ontario Real Estate Association. Rick is a diverse executive manager with extensive experience in strategic planning, manufacturing, finance, human resources and quality assurance management.