A recent announcement by RE/MAX said that luxury homes shattered previous first-quarter sales records in nine of thirteen Real Estate markets.

The RE/MAX Upper End 2010 Report showed all the thirteen markets and five sub-markets experienced double or triple digit increases compared to the same time last year.

These dramatic increases in resales of luxury homes were the result of:

• Rebounding Economy
• Increased personal wealth
• Immigration
• Foreign Investment

Here are some of the luxury home sales increases across Canada:

• Kelowna 700 per cent
• Montreal 300 per cent
• Victoria 275 per cent
• Toronto 275 per cent

The comparisons of luxury home sales were made in one of the worst first quarters on record (2009) however the bounce back in areas like Toronto, Vancouver, Ottawa, Montreal, Halifax and St. John's exceed the levels reported in years past.