The popularity of luxury properties in Canada is currently on the increase, according to a new report.
A study by Canadian real estate company Re/Max has reported that the demand for this type of property has reached an unprecedented level.
According to financial group Canoe Money, the real estate agent reports that the rate at which expensive home sales are increasing has never been seen before in any major areas across the country.
"If the market continues at this pace, existing sales records for all types of real estate, including upscale properties, will be shattered by year-end," said Michael Polzer, executive vice-president of Re/Max Ontario.
Windsor, Ontario was the only area in Canada to report a decline in sales, as concerns over the future of the automobile industry there are impacting on demand.
The Re/Max report finds that the overall state of the Canadian property market remains robust.
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Carol McDonald