Double digit increase in luxury home sales in Kitchener-Waterloo
Posted Jan 28, 2014 06:26:21 AM.
This article is more than 5 years old.
Kitchener-Waterloo was one of many Canadian markets that experienced double digit increases in luxury home sales in 2013.
The RE/MAX Upper End Report shows luxury home sales in K-W shot up 27 per cent compared to figures from 2012. It was the fifth hottest market in the country.
In fact, RE/MAX says 75 per cent of the markets in Canada experienced year-over-year increases. Greater Vancouver led the way with a 36 per cent spike in luxury sales last year.
Low interest rates, substantial equity gains in Canadian real estate markets, stellar performance in US equities and improving economic conditions are being credited with the surge.
“Canada’s luxury housing market has undergone serious transformation in recent years, setting a new standard for lifestyles of the rich and famous,” says Gurinder Sandhu, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. “High-end homes are commanding top dollar in blue chip neighbourhoods from coast to coast. Condominiums are hitting price points that rival single-detached homes. The market is maturing and the appetite is unprecedented.”
