May 2009 strongest month on record for luxury home sales, says RE/MAX

    MISSISSAUGA, ON, June 12 /CNW/ - Sales of luxury properties in the
Greater Toronto Area posted their strongest performance on record in May 2009,
according to RE/MAX Ontario-Atlantic Canada.
    Two hundred and seventy-three high-end homes changed hands in May 2009,
up six per cent from 258 reported during the same period one year earlier, and
the highest number of sales over $1 million in a one-month period in the
history of the Toronto Real Estate Board. The previous record was set in May
of 2007 at 266 sales.
    "Confidence is slowly returning to the marketplace," says Michael
Polzler, Executive Vice President, Regional Director, RE/MAX Ontario-Atlantic
Canada. "Traditional market indicators are in place - the stock market has
made tremendous gains in recent months, crude values have risen significantly,
and the Canadian dollar has gained almost 10 points in the past month. Combine
these influences with pent-up demand and growing economic stability and you
have the ingredients for solid sales in the top-end of the market."
    Further evidence of a rebound is the recent sale of a Bridle Path home
priced at over $13 million, the first sale over the $10 million price point in
more than a year. The 18,000 sq. ft. gated estate, situated on more than two
acres, was listed by Barry Cohen, Broker, RE/MAX Realtron, and featured a
spectacular backyard with a negative edge waterfall pool, fountains, hot tub,
and tennis court.
    Demand for homes priced in excess of $1 million has increased steadily
since the beginning of the year, says Polzler, mimicking the overall real
estate market. Seven hundred homes have changed hands year-to-date, compared
to 944 in January to May of 2008. Given current momentum, however, it's likely
that activity will continue at a healthy pace for the remainder of the year -
with sales at year-end at least on par or ahead of 2008 levels.

    RE/MAX is Canada's leading real estate organization with over 17,600
sales associates situated throughout its more than 677 independently-owned and
operated offices across the country. The RE/MAX franchise network, now in its
36th year, is a global real estate system operating in more than 70 countries.
Over 6,700 independently-owned offices engage nearly 100,000 member sales
associates who lead the industry in professional designations, experience and
production while providing real estate services in residential, commercial,
referral, and asset management. For more information, visit:

      Top 10 Months for Luxury Sales over $1 million

    Rank            No. of Sales            Month/Year
     1                   273                  May-09
     2                   266                  May-07
     3                   262                  Apr-08
     4                   258                  May-08
     5                   256                  Jun-07
     6                   252                  Oct-07
     7                   238                  Nov-07
     8                   237                  Apr-07
     9                   227                  Jun-08
     10                  221                  May-06

    Source: RE/MAX, Toronto Real Estate Board

For further information:

For further information: Christine Martysiewicz, RE/MAX Ontario-Atlantic
Canada, (905) 542-2400; Eva Blay/Charlene McAdam, Point Blank Communications,
(416) 781-3911

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890