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A New Sales Record Has Been Achieved By The Jackie Goodlet Team Who Work Out Of The Whitby Office And Specializes In High End Resale And New Home Sales. According To Broker Dave Pearce The Jackie Goodlet Team Wrote More Transactions Than Anyone Else In The 30 Year History Of Our Firm. Their 255 Transactions Had A Total Volume Of More Than $185,000,000 (185 Million). With Over 25 Years Experience In The Business The Jackie Goodlet Team Has Acquired A Wealth Of Knowledge In All Areas Of Real Estate Including Resale, New Builds, Cottages, Lease, Condos, Vacant Land, Investment And Commercial Properties. With Exceptional Negotiating Skills We Are Confident We Can Save You Time And Money On All Your Real Estate Endeavours. We Look Forward To Hearing From You And Your Referrals Are Always Welcome And Rewarded!

Friday, September 29, 2017

Sales of $1 million condos up 85% in one Canadian market

Demand for luxury property remains strong in many of Canada’s cities but for million-dollar condos one market has seen a huge surge.

Sales of homes priced $1 million or more increased in the first seven months in Victoria, and Calgary but it was the GTA where sales were up 85% year-over-year according to data from RE/MAX Ontario-Atlantic Canada.

The gain for GTA luxury homes was largely down to two effects of an overall increase in prices in the market. The gains pushed some condos over the $1m+ threshold, while Baby Boomers used equity in their homes to move into the luxury condo market.

The GTA also saw strong demand for luxury single-family detached homes with a 25% rise year-over-year in the first seven months of 2017 although there may be more readjustment following the introduction of the Fair Housing Plan.

Single-family homes priced over $3 million increased sales by 55%.

In the Toronto suburb of Oakville, the $2.5-3 million sector saw sales surge 112%.

Meanwhile Vancouver’s single-family home sales in the $1-2 million price range declined 32% year-over-year.

"The foreign buyer tax introduced last year—combined with a good selection of luxury single-family detached homes—reduced buyers' sense of urgency in this segment of Vancouver's market," said Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada.

Vancouver’s luxury condo market saw increased demand, rising 11% year-over-year and outpacing supply.

"As a result we are seeing more developers turn their attention to condo projects and are anticipating more luxury units to enter the market in the coming years," added Ash.

Victoria’s $1m+ market gained 10% in the first seven months of the year relative to the same period of 2017, while Calgary saw a 21% gain as consumer confidence increased following the slump for the oil industry.

MBN

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