Credit plays a crucial role in real estate investment, greatly influencing the borrowing options that investors have at their disposal.
Luxury home sales in Vancouver are expected to keep rising through 2021, according to a new report from Sotheby’s International Realty Canada.
Sales in the city’s high-end housing market rose year-over-year by 56% and 73% in January and February, respectively, which Sotheby’s attributes to pent up demand, low interest rates, renewed market confidence and a desire to move into lifestyle-congruent homes, the impetus of which was the COVID-19 pandemic.
“Luxury residential real estate sales over $4 million (condominiums, attached and single family homes) increased 41% year-over-year to 45 properties sold in the first two months of 2021; one property sold over $10 million during this time, where none had sold in this ultra-luxury price range during the same period in 2020,” said the report.
“Luxury property sales between $2–4 million increased 57% year-over-year to 193 properties sold. The sale of properties between $1–2 million experienced year-over-year gains of 52% to 527 properties sold. Overall residential real estate sales over $1 million were up 53% to 765 properties sold in the first two months of the year.”
Single-family homes were the most popular type of luxury home purchased in the City of Vancouver, and as a result it sparked heated bidding wars. Locals weren’t the only people enquiring about the city’s luxury homes, as international buyers reemerged in the city following a pandemic-induced lull.
“In the first two months of the year, luxury single-family home sales over $4 million increased 29% to 36 homes sold, with one home sold over $10 million compared to zero during the same period in 2020,” said the report. “Single-family home sales between $2–4 million increased 65% to 162 homes sold. Conventional home sales between $1–2 million increased 33% to 179 units sold. Overall, $1 million-plus single-family home sales were up 44% year-over-year to 377 homes sold, as the benchmark price for a single family home in Vancouver West and Vancouver East rose 8.5% and 9.5% year-over-year, respectively, to $3,203,200 and $1,565,800 in February 2021.”
Luxury condo sales in Vancouver, however, couldn’t keep up with the single-family and attached home segments, but consumer confidence ameliorated in January and February 2021, when sales for condos priced over $4 million rose by 75% to seven units sold.
“$2-4 million sales contracted a nominal 6%, or one unit, year-over-year to 16 units sold, while $1-2 million condominiums sales rose 48% year-over-year to 179 units sold,” said the report. “Overall condominium sales over $1 million increased 42% year over year to 202 units sold in January and February 2021.”
Discover top-quality housing and apartment building construction services tailored to your needs
If you're looking to purchase in Calgary, you generally have two choices: a house or a condo. Which is the best deal?
"NUVO Condos are poised to play a pivotal role in Oakville's transformation into a major Greater Toronto Area (GTA) hub
For Real Estate News and Market Updates & VIP Access to Exclusive Real Estate Investment Opportunities
Canadian Real Estate Wealth Media Corp. needs the contact information you provide to us to contact you with news and market updates and to share real estate investment opportunities. You may unsubscribe from these communications at any time. For information on how to unsubscribe, as well as our privacy practices and commitment to protecting your privacy, please review our Privacy Policy.
Elevate your real estate investments with the finest smart home upgrades. Discover the ultimate value-boosting solutions today!
Investing in pre-construction real estate can be a lucrative opportunity, but it comes with its own set of challenges and risks.
Unlock the Full Potential of Your Real Estate Investments with Broker's Playbook's Exclusive Design District Event!
Discover the Future of Real Estate with Technology-Driven Platforms! Explore how cutting-edge technology is transforming the real estate industry
From economic indicators to credit scores, uncover what drives mortgage rates and how to secure the best deal for your home loan.
“Sign up for our daily newsletter to get the latest news, updates and offers delivered directly to your inbox.”