June 15, 2009
Luxury Homes Sales Break the Record
Did you know that May 2009 ended as the strongest month on record for luxury property sales in the GTA? A total of 273 properties sold during the month for over $1 million, up 6% from May 2008 and breaking the record of 266 sold in May 2007. Luxury sales have been steadily increasing since the beginning of the year, due to lower interest rates, an improving economic forecast and in some cases a preference for real estate as an investment over the stock market. Agents note that buyers who were waiting for the “bottom” believe now is the time to act. At this rate, agents expect 2009 final sales to match or surpass 2008.
