Luxury sales experience serious upward momentum in major Canadian markets, says RE/MAX

Kelowna, BC (September 5, 2007) -- Consistent return on investment has prompted an
unprecedented upswing in luxury home sales in major Canadian centres so far this year,
according to a report released by RE/MAX.

The RE/MAX Upper-End Market Trends Report examined trends and activity in 16 markets
across the country between January and July 2007. Luxury home sales were up over the same
period one-year ago in all markets, with percentage increases ranging from 13 per cent in
Victoria to 521 per cent in Edmonton. Four markets, including Edmonton, Regina, Saskatoon
and Ottawa, reported triple-digit increases while double-digit gains characterized
remaining markets. The report also found that the upper-end price points were under stress
in most markets surveyed.

"Strong economic performance, especially in Western Canadian provinces, has bolstered
consumer confidence levels to such a degree that purchasers in the upper-end are
comfortable with a million dollar plus investment in real estate," says Elton Ash,
Regional Executive Vice President, RE/MAX of Western Canada. "Recent volatility in the
stock market may trigger further investment in real estate as purchasers move to
reallocate their holdings."

Year-to-Date (January to July) Unit Sales by Market

Market	Upper-End 	Price Point Unit Sales 2006 Unit Sales 2007 Percent Increase
Vancouver		$2 million	166		249		48
White Rock		$1.2 million	73		105		44
Victoria		$1 million	128		137		13
Kelowna			$1 million	36		59		64
Calgary			$1 million	198		311		57
Edmonton		$900,000	14		87		521
Saskatoon		$500,000	14		60		328
Regina 			$500,000 	2 		11	 	450 
Winnipeg		$400,000	91              170             86
Greater Toronto Area 	$1.5 million	395             505             28
Hamilton-Burlington	$500,000	342             460             34
Kitchener-Waterloo	$500,000	87              111             12
London			$500,000	47              62              32
Ottawa 			$750,000 	46              99              115
Halifax 		$350,000 	257             376             46
St. John's		$350,000	22              53              57

Solid gains in housing values - especially in the top-end of the market - have garnered
much' attention. The steady upward trending has attracted a growing number of affluent
purchasers who are taking advantage of both the increased equity and the capital gains
exemption for a principle residence. "The consumer appetite for luxury property has been
insatiable," says Michael Polzler, Executive Vice President and Regional Director, RE/MAX
Ontario-Atlantic Canada. "Unabated demand throughout the year has created tight market
conditions in a number of blue chip neighbourhoods. Limited availability of product has,
in turn, placed mounting pressure on housing values. As a result, the million dollar home
no longer holds the same cache it once did and in larger markets such as Vancouver,
Calgary, and Toronto, it's simply a starting price."

Out-of-province and international purchasers are active in most markets surveyed, but
locals still account for the

majority of upper-end sales. Benchmark sales, including one home priced at close to $16
million in Toronto, are occurring with greater frequency and overall, there are more sales
taking place in the very upper reaches of the marketplace this year. In smaller centres,
benchmarks have been set throughout the year and although some, such as Regina, have yet
to report a $1 million sale, the day is nearing. Upscale condominium sales are also
climbing as empty-nesters and retirees up the ante for these types of property. The most
expensive sale to date occurred in Vancouver at close to $5 million, while the priciest
listing carries a price tag of $18.2 million in the same centre.

"It appears that a growing percentage of the population has that kind of money to spend,"
says Polzler. "Growth in market capitalization has generated tremendous wealth in recent
years - in fact, both the Dow Jones and S&P 500 reported double-digit growth in 2006.
Demand for luxury goods overall - upscale homes, fine art, collectable cars -- is
outpacing demand for everyday consumables. Inheritance has played a significant role as
well, with the down load on an estimated $1 trillion amount already underway."

"When it comes to shelter, these upscale purchasers clearly want it all," says Ash. "Price
is really no obstacle when it comes to creating a legacy."

RE/MAX is Canada's leading real estate organization with over 17,500 sales associates
situated throughout its more than 640 independently owned and operated offices across the
country. The RE/MAX franchise network, now in its 34th year of consecutive growth, is a
global real estate system operating in over 65 countries. More than 7,000 independently
owned offices engage 120,000 member sales associates who lead the industry in professional
designations, experience and production while providing real estate services in
residential, commercial, referral, relocation and asset management. For more information,
visit: www.remax.ca.

RE/MAX of Western Canada
RE/MAX Ontario-Atlantic Canada
Point Blank Communications

Upper-End MarketTrends Report 2007