High-end market takes a positive turn

The Top-Tier Real Estate Report shows sales of 1,239 homes over the $1 million mark in Vancouver for the first six months of the year, representing a six per cent dip compared to the same period as last year.

However, it’s not all bad news for investors. The report, commissioned by Sotheby's International Realty Canada, says overall sales are up by 57 per cent from the sluggish second half of 2012.

The report highlights that “buyers are beginning to gain more confidence when making big purchase decisions and those who initially out their decision to buy on hold are now coming back to the market.”

Over 130 Condo units in the $1 million plus bracket were sold in the first half of the year with a slight increase reported in the number of average days on the market.

"The data for 2013 to date underscores continued demand for high-end homes in Vancouver, especially for properties between $2-4 million and greater,” says Ross McCredie, Sotheby's International Realty Canada CEO, Ross McCredie. Forty condos in this price range were sold in the first six months of the year.

Sales of condos over $4 million remained at steady at seven units but their average days on market increased to 221 days.

The high-end attached homes market has been heavily driven by $1-2 million properties, with sales increasing by 2% compared to last year.

The market for single family homes over $1 million has gained momentum with 528 units sold, up 16% compared to last year.

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