Luxury home sales soaring, ReMax survey shows

A new ReMax survey has found sales of luxury homes are soaring so far this year.

The study of real estate in 13 major Canadian centres pointed to improved economic  performance, increased personal wealth, immigration and foreign investment as major contributors to the big boost  in sales between January and March.

Sales compared to last year, which was the midst of the recession, are up 263 per cent in the Greater Toronto Area. While in in Kelowna, sales are up a whooping 700 per cent.

A high-end home in Toronto is currently defined as being listed for $1.5-million.

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