{"id":17670,"date":"2021-04-07T11:11:00","date_gmt":"2021-04-07T18:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=17670"},"modified":"2021-04-07T11:15:41","modified_gmt":"2021-04-07T18:15:41","slug":"vancouver-luxury-market-are-expected-to-keep-rising-through-2021","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/04\/vancouver-luxury-market-are-expected-to-keep-rising-through-2021\/","title":{"rendered":"Vancouver Luxury Market are Expected to Keep Rising Through 2021"},"content":{"rendered":"<p style=\"text-align: justify;\">Luxury home sales in Vancouver are expected to keep rising through 2021, according to a new report from Sotheby\u2019s International Realty Canada.<\/p>\n<p style=\"text-align: justify;\">Sales in the city\u2019s high-end housing market rose year-over-year by 56% and 73% in January and February, respectively, which Sotheby\u2019s 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.<\/p>\n<p style=\"text-align: justify;\">\u201cLuxury 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,\u201d said the report.<\/p>\n<p style=\"text-align: justify;\">\u201cLuxury property sales between $2\u20134 million increased 57% year-over-year to 193 properties sold. The sale of properties between $1\u20132 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.\u201d<\/p>\n<p style=\"text-align: justify;\">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\u2019t the only people enquiring about the city\u2019s luxury homes, as international buyers reemerged in the city following a pandemic-induced lull.<\/p>\n<p style=\"text-align: justify;\">\u201cIn 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,\u201d said the report. \u201cSingle-family home sales between $2\u20134 million increased 65% to 162 homes sold. Conventional home sales between $1\u20132 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.\u201d<\/p>\n<p style=\"text-align: justify;\">Luxury condo sales in Vancouver, however, couldn\u2019t 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.<\/p>\n<p style=\"text-align: justify;\">\u201c$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,\u201d said the report. \u201cOverall condominium sales over $1 million increased 42% year over year to 202 units sold in January and February 2021.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/big-year-expected-in-vancouvers-luxury-market-334582.aspx\" target=\"_blank\" rel=\"noopener\">Big Year Expected in Vancouver&#8217;s Luxury Market<\/a> by Neil Sharma | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Luxury home sales in Vancouver are expected to keep rising through 2021, according to a new report from Sotheby\u2019s International Realty Canada. Sales in the city\u2019s high-end housing market rose &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/04\/vancouver-luxury-market-are-expected-to-keep-rising-through-2021\/\">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-17670","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>Vancouver Luxury Market are Expected to Keep Rising Through 2021 &#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\/2021\/04\/vancouver-luxury-market-are-expected-to-keep-rising-through-2021\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver Luxury Market are Expected to Keep Rising Through 2021 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Luxury home sales in Vancouver are expected to keep rising through 2021, according to a new report from Sotheby\u2019s International Realty Canada. 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