Julia Johnson 
May 16, 2012 – 8:59 AM ET
| Last Updated: May 16, 2012 9:02 AM ET

Kim Stallknecht/Vancouver Sun

The Casa Mia mansion located at 1920 SW Marine Drive in Vancouver was listed at $12 million in 2007. In the first quarter of 2012, the number of luxury homes sold increased compared with 2011.

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The volume of luxury home sales increased in most Canadian markets during the first quarter of 2012, compared with 2011, according to a Re/Max report published Wednesday.

Thirteen of the 16 major Canadian cities tracked saw the number of luxury home sales increase in the first quarter compared with last year, according to the real estate company’s annual Upper End Report.

The survey used price points that varied by market, ranging from $500,000 to $3-million.

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Regina saw the biggest increase, as sales of homes in the region priced at more than $500,000 jumped 56%. Quebec City saw luxury homes in the same price bracket rise 50%, while the number of Toronto-area houses that sold for at least $1.5-million increased by 49%.

Ten of the markets saw record numbers of first-quarter luxury home sales above their respective price points, including Toronto, Montreal and London.

Re/Max said the increase was attributable to stronger home prices, volatile markets, immigration and a rebound in global wealth.

The report notes that condo sales continue to account for a growing percentage of luxury home transactions.

Posted in: Real Estate 
Tags: housing market

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