Joannah Connolly
Other
Sales of homes over $1 million in Vancouver rose 34 per cent year over year in the first six months of 2014 – and the market is expected to gain momentum through the second half of the year, according to a report by Sotheby’s International Realty released July 8.
Vancouver’s performance in this market was matched only by the Greater Toronto area, which also saw a 34 per cent increase in the 2014’s first half.
From January 1 to June 30, 2014, Vancouver property sales over $1 million increased to 1,664 units for condominiums, attached and detached single-family homes combined.
The largest increases were in the $4 million-plus property range, in which sales increased 49 per cent year over year. Homes between $2 million and $4 million increased 35 per cent and homes in the $1 million to $2 million range rose by 32 per cent.
When broken down by property type, the largest sales increases were seen in the single-family home sector, which increased 38 per cent year-over-year, followed by a 37 per cent increase in condo sales.
Sotheby’s said the sales increases suggested “no sign of a bubble in the market.”
The international real-estate group also said that, with many listings resulting in multiple offers, some segments of the Vancouver market have also seen an increase in the number of homes sold over asking price. It reported that 30 per cent of single-family detached homes and 19 per cent of attached homes in the $1-2 million range sold above their list price during the first half of the year.
To read the report summary and download the full report, click here.
© 2014 Real Estate Weekly