Vancouver Real Estate Shows Thriving Luxury Market

Tuesday, January 28th, 2014


The luxury home market powered ahead in Vancouver last year, fuelled in part by redevelopment of teardowns by builders in prime, or upcoming neighbourhoods, according to a new study by RE/MAX looking at upper-end real estate trends across Canada.

Defining luxury properties as those listed over $2 million, the study found that 1,609 Vancouver properties sold at that or above in 2013, making it the second-best year for that category of property ever. Sales of both luxury, single-family homes and condos outperformed the market overall, the study notes, with gains of 38 and 19 per cent respectively.

Prices in certain neighbourhoods — including those on the edges of traditionally “blue-chip” areas — were pushed up by the increasing number of smaller, older properties bought up by builders before being demolished. These were then developed into “substantial residences — sporting price tags between $5 million and $10 million.”

The study reiterates the findings of a report into luxury trends by Sotheby’s International Realty Canada released earlier this month. Though they define the luxury market as beginning at the $4 million price tag, Sotheby’s told The Huffington Post B.C. that category is seeing sales growth of 50 per cent, year over year.

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