{"id":16713,"date":"2020-11-02T11:11:00","date_gmt":"2020-11-02T19:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16713"},"modified":"2020-10-07T14:21:58","modified_gmt":"2020-10-07T21:21:58","slug":"bc-luxury-homes-pace-unaffected-by-quick-sales-and-record-prices","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/11\/bc-luxury-homes-pace-unaffected-by-quick-sales-and-record-prices\/","title":{"rendered":"BC Luxury Homes Pace Unaffected by Quick Sales and Record Prices"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n<p style=\"text-align: justify;\">The record sale of an $8.4 million property at Pemberton in September highlights a strong B.C. luxury resort and residential market with accelerating sales and prices despite the COVID-19 pandemic.<\/p>\n<p style=\"text-align: justify;\">\u201cSince the economy has opened, we have seen unprecedented interest in properties with more land and privacy,\u201d said John Ryan, an agent with Whistler Real Estate Co.<\/p>\n<p style=\"text-align: justify;\">Ryan\u2019s recent record-breaking sale of the 41-acre luxury property in Pemberton, located minutes from Whistler, BC\u2019s top ski resort, fetched the highest residential real estate price that Pemberton has ever seen \u2013 $8.47 million \u2013 within weeks of listing. The residence features acres of lawns, gardens, a pond, an orchard, farmland, outbuildings and dirt bike courses.<\/p>\n<p style=\"text-align: justify;\">\u201cThese large luxury properties are a hot commodity right now and are selling quickly and for more money,\u201d Ryan said. \u201cIn Whistler and Pemberton alone, we have seen 13 sales over $5 million this year.\u201d<\/p>\n<p style=\"text-align: justify;\">Overall, within the Whistler and Pemberton real estate market, in the first six months of 2020, the average sale price had increased 54% to $2.4 million in 2020 from $1.9 million in 2019. That resulted in a 22% dollar volume increase. The unit volume has grown 52%, with 32 sales in 2020 versus 19 in 2019\u2019s first half, according to Whistler Real Estate Co. data.<\/p>\n<p style=\"text-align: justify;\">In West Vancouver \u2013 considered a resort location by some well-heeled international investors \u2013 the new Sentinel, a 122-unit luxury condominium tower, pre-sold 54 condos in June alone, including a $6 million penthouse, reports Cameron McNeill, a partner at MLA Canada.<\/p>\n<p style=\"text-align: justify;\">As of August, the West Vancouver composite home price was up 5.7% from a year earlier to $2.17 million, according to the Real Estate Board of Greater Vancouver.<\/p>\n<p style=\"text-align: justify;\">On resort-like Bowen Island off the coast of West Vancouver, the composite home price has soared 17.8% since the pandemic began in March \u2013 the highest increase in the Metro region \u2013 to more than $1 million.<\/p>\n<p style=\"text-align: justify;\">Figures show that some Canadians have seen their net income increase during the pandemic, despite its recessionary affect, due to a surge in financial markets and in real estate values.<\/p>\n<p style=\"text-align: justify;\">For example, according to a study by the Canadian Centre for Policy Alternatives\u2019 BC office, Canada\u2019s top 20 billionaires amassed an average of nearly $2 billion each in wealth in the six months ending this September, for a combined total of $37 billion.<\/p>\n<p style=\"text-align: justify;\">Appreciation of expensive real estate is part of the equation.<\/p>\n<p style=\"text-align: justify;\">According to the Royal LePage Luxury Properties Report, released September 29, the median value of a luxury house in Metro Vancouver increased 8.6% \u2013 about $352,000 \u2013 since the onset of the pandemic in mid-March, to $4.1 million. During the same period, the median price of a luxury condominium rose 10% to just over $2 million<\/p>\n<p style=\"text-align: justify;\">Royal LePage defines luxury property as having a value three times higher than the median price of a house or condominium in its region.<\/p>\n<p style=\"text-align: justify;\">\u201cIt has only been the past few months that we have seen clear signs of improving demand and price appreciation for properties above $5 million,\u201d noted Jason Soprovich, sales representative with Royal LePage Sussex in Vancouver. \u2022<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2020\/10\/sales-luxury-homes-pick-pace-bc\" target=\"_blank\" rel=\"noopener noreferrer\">Sales of Luxury Homes Pick Up The Pace in BC<\/a> by Frank O&#8217;Brien | BIV<\/p>","protected":false},"excerpt":{"rendered":"<p>The record sale of an $8.4 million property at Pemberton in September highlights a strong B.C. luxury resort and residential market with accelerating sales and prices despite the COVID-19 pandemic. &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/11\/bc-luxury-homes-pace-unaffected-by-quick-sales-and-record-prices\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-16713","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BC Luxury Homes Pace Unaffected by Quick Sales and Record Prices &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2020\/11\/bc-luxury-homes-pace-unaffected-by-quick-sales-and-record-prices\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BC Luxury Homes Pace Unaffected by Quick Sales and Record Prices &#8226; 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