Luxury Home Sales Surge In Vancouver, Canada’s Hottest Market

Luxury Home Sales Surge In Vancouver, Canada’s Hottest Market

We can say without much hesitation that in 2021, most of Canada’s real estate market was re-defined, and the luxury real estate market was no exception. Pandemic influenced demand quickly outpaced supply, which stood at historic lows, and market prices reached historic highs.

In Vancouver, data released by Sotheby’s International Realty showed that the luxury housing market did exceptionally well. Sales of properties with price tags greater than $4 million were up a blistering 171% year-over-year. Sales in the “ultra-luxury” category (homes priced over $10 million) saw a 240% increase from the previous years.

The pandemic has changed people’s living priorities. Buyers are less concerned over their commute to work, rather they are more interested in space to work from home and security.

Low interest rates and record savings certainly helped the boost, as did anxiety about investments made in bonds and securities.

High-end luxury real estate is staying on the market for a shorter period of time – weeks rather than months, as the available inventory has eroded. It seems that luxury homebuyers taking advantage of record low interest rates, are holding on to their properties for longer periods, and not actively searching for new ones. This slows down the turnover process.

Whether you are looking to buy or sell a condo or a luxury home, it does not make a difference to us. Our experienced real estate professionals are available to assist you in making the transaction as stress free as possible. Contact us by email or call us on 604 913 1888.