Kelowna leads luxury home rebound

For folks who have no issues with mortgage rates or down payments - people who buy luxury homes - Kelowna, again, is one of the places in Canada to do just that.

The latest Remax survey says Canada's luxury home sales have rebounded and soared in this year's first quarter, and Kelowna has led the nation percentage-wise in that department. Remax says Kelowna, comparing all of 2009 to the first three months of 2010, had a 700 percent increase in the number of luxury homes sold, compared to Vancouver at 184 percent, Victoria at 275 percent, and Montreal at 300 percent.

And what is a luxury home these days? In Kelowna, the entry level price for a high end property is an even one million, the same as luxury entry level prices in Victoria and Calgary. In greater Vancouver it's two million, while it's three million on Vancouver's Westside.