Luxury home sales soar in Q1

Luxury home sales soared in the first quarter of 2010 as affluent purchasers moved to take advantage of favourable market conditions across the country, according to a report released Monday by RE/MAX.

The RE/MAX Upper End 2010 Report, highlighting sales and trends in 13 major Canadian centres and five sub-markets, found that improved economic performance, increased personal wealth, immigration and foreign investment all contributed to a serious upswing in sales.

Virtually all areas experienced double and triple-digit increases between January and March of this year over 2009 figures for the same period.

Nine out of the 13 markets examined (69%) shattered existing records -- setting new all-time highs for first quarter activity in the upper end.

"Real estate continues to resonate with purchasers at every price point," says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada."With the top end of the market shifting into high gear, every segment of the residential real estate sector is now operating in tandem. Despite the upward momentum, there are still deals to be had -- especially at the higher price points -- a fact that is motivating buyers to act."

(prepared by Damien Lynch/Financial Post/National Post)