Seven-figure home sales jumped in Vancouver last year
Posted January 7, 2016 7:52 am.
This article is more than 5 years old.
VANCOUVER (NEWS 1130) – Get ready to break the bank; Vancouver is still one of the hottest markets in Canada when it comes to top-tier residential real estate.
Sales on seven-figure homes jumped by a large margin last year over 2014.
“The market in Vancouver has been really strong. Overall sales over $1 million in Vancouver increased 46 per cent versus 2014,” says Polly Cordwell with Sotheby’s International Realty, which breaks down the numbers in its 2015 Top Tier Housing Report.
That means more than 4,500 condominiums, attached and detached single-family homes sold for over $1 million in Vancouver.
Single-family dwellings accounted for the most home sales, but overall, anything with a seven-figure price tag was a hot commodity. Cordwell says it covers all spectrums.
“We’ve seen a really strong year in condominiums, attached homes and especially in single-family homes, where we’ve seen the largest number of sales by far.”
She says there was even more activity in the upper echelon.
“We’re seeing a lot more home selling in the $4 million-plus category than we were last year. People are getting into attached homes and condominiums in that price range because the single-family home market has been increasing significantly,” says Cordwell.
Those $4 million sales jumped by 67 per cent last year.
Cordwell says the low Canadian dollar and high demand contributed to the increase. She tells us in many cases, bidding wars drove prices up.
Toronto edged out Vancouver slightly. Sales of homes over $1 million in that city grew by 71 per cent.
