Regina home buyers are purchasing more “luxury homes” than ever before.
The Association of Regina Realtors says between January and April this year, 90 homes over $500,000 were sold, while 40 sold during the same time frame in 2011.
Meanwhile, a recent study by REMAX shows how big the surge is; reporting the greatest percentage increase of luxury homes sales was reported in Regina.
“Now that we’re into the market and the economy is doing well, and the market’s pretty active, I guess it’s not surprising,” Gord Archibald, executive director of the Association of Regina Realtors, said.
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According to Archibald there are several reasons why it is happening, including the general increase in home prices, a growing numbers of people with wealth moving to the city and the increase in new builds in recent years.
“Newer homes, generally speaking, have a lot higher prices, and a lot of those are coming back on the resale market now,” he said.
REMAX real estate agent Craig Adam has seen the demand for luxury homes increase over the years.
“What people are looking for, they’re looking for quality, they’re looking for a great location, and they’re also looking for a lifestyle,” he said.
Adam believes in the next couple years there could be more multi million dollar homes on the market in Regina.
“There are certainly a lot of million dollar homes, 2 million, three, maybe even four million dollar homes that have been built in this city but have yet to come on the resale market,” he said.
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