Mortgage News
Luxury home sales on the rise
Sales of luxury homes hit new records in cities throughout Canada in 2013, according to a new realty report.
Published
2013 saw a rise in sales of luxury properties, according to a recent report from ReMax. Major centres Vancouver, Toronto and Calgary all saw increases in sales of properties over $1 million.
The report detailed an emerging practice, commonly known as the "teardown trend", which involves builders buying older homes priced lower than $3 million, and demolishing them to build new luxury homes worth between $5 and $10 million.
It is also noted that the possibility for higher numbers exists due to many luxury property sales not being accounted for on the multiple listing service from which the statistics were pulled.