Luxury homes driving housing market: Re/Max

One of Canada's largest networks of real-estate agents says demand for luxury homes is booming in several cities.

One of Canada's largest networks of real-estate agents says demand for luxury homes is booming in several cities.

Re/Max says the Greater Vancouver Area led the way with 747 properties sold in the luxury category in the first four months of this year.

That was up 118 per cent from 343 sold from January to April of last year.

Re/Max says foreign investment has been a factor in the Vancouver market.

Other factors at play in most cities have been improved home values, a recovery of the stock market and improved economic performance that have bolstered the finances of well-off individuals.

Other cities that have seen double-digit increases in demand for luxury homes include Ottawa, Calgary, Halifax-Dartmouth, Winnipeg and Hamilton-Burlington.

Demand for luxury homes in the Toronto area also rose, but by a more sedate nine per cent.