{"id":19225,"date":"2022-01-19T11:11:00","date_gmt":"2022-01-19T19:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19225"},"modified":"2022-01-13T10:15:45","modified_gmt":"2022-01-13T18:15:45","slug":"luxury-real-estate-market-was-redefined-annual-sales-rise-as-luxury-standards-meet-new-heights","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/01\/luxury-real-estate-market-was-redefined-annual-sales-rise-as-luxury-standards-meet-new-heights\/","title":{"rendered":"Luxury Real Estate Market was Redefined &#8211; Annual Sales Rise as Luxury Standards Meet New Heights"},"content":{"rendered":"<p style=\"text-align: justify;\">In Canada\u2019s biggest cities, 2021 marked an outstanding year for high-end home sales, reporting triple-digit levels of sales growth from coast to coast.<\/p>\n<p style=\"text-align: justify;\">A new report published by Sotheby\u2019s International Realty Canada this week stated that luxury real estate sales in the country\u2019s major metropolitan markets broke consecutive records throughout the year. Pandemic-influenced demand, coupled with rising confidence in the economy, pushed prices up and drove available home inventory down in 2021.<\/p>\n<p style=\"text-align: justify;\">\u201cCanada\u2019s real estate market was redefined in 2021,\u201d said Don Kottick, president and CEO of Sotheby\u2019s International Realty Canada, in the report. \u201cThere has been a transformative change in Canadians\u2019 perceptions of the importance of their homes as an investment in lifestyle and pleasure, physical sanctuary and security, as well as financial stability and generational wealth.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>Vancouver homes sales over $1 million jump 145% yearly<\/strong><\/p>\n<p style=\"text-align: justify;\">In Vancouver, luxury residential real estate sales over $4 million surged 171% yearly, as 410 condos, attached and single-family homes were sold in 2021. Twenty-four properties sold over the $10 million mark on MLS last year, up 218% from 2020 when just 11 properties sold in this same price category. Overall, sales above $1 million rose 145% annually as 5,794 properties exchanged hands in 2021 within the City of Vancouver.<\/p>\n<p style=\"text-align: justify;\">In the first half of the year, 40% of luxury homes sold over asking price. In the second part of 2021 between July 1st and December 31st, the number of properties going for over asking dropped to 29%.<\/p>\n<p style=\"text-align: justify;\">Demand specifically for single-family Vancouver homes continued to rebound in 2021. Sales over $4 million jumped 172% year-over-year as 362 properties were sold. Meanwhile, luxury sales for single-family residences priced over $10 million grew 240% to 24 homes sold last year.<\/p>\n<p style=\"text-align: justify;\"><strong>Luxury GTA properties commonly sold over asking price<\/strong><\/p>\n<p style=\"text-align: justify;\">In Ontario, high-end home sales surged even more aggressively in the Greater Toronto Area, where the number of transactions for condo, attached and single-family homes worth $4 million-plus climbed to 805 properties sold in 2021, up 224% from the previous year. Sales for homes over $10 million rose 238% yearly as 31 properties were traded on MLS. Transactions in the GTA over $1 million were up 194%, with a total of 52,776 luxury properties sold last year. In the City of Toronto alone, 16,041 high-end residences exchanged hands.<\/p>\n<p style=\"text-align: justify;\">Significant growth was achieved in the $1 million-plus condo and $4 million-plus attached GTA home markets, where sales shot up 195% and 267% yearly to 3,194 and 16 homes sold in the region. In the GTA, luxury properties frequently sold over asking price, with 68% and 69% of homes transacting above list in the first and second half of 2021.<\/p>\n<p style=\"text-align: justify;\"><strong>Annual sales rise in Montreal and Calgary as luxury standards meet new heights<\/strong><\/p>\n<p style=\"text-align: justify;\">Overall residential real estate sales over $1 million for all property types located in Calgary and Montreal increased 222% and 137% year-over-year to 1,101 and 1,810 properties sold in 2021. In these cities, between 13% and 30% of luxury properties sold over list price during the year.<\/p>\n<p style=\"text-align: justify;\">Montreal\u2019s luxury market captured attention in December 2021 when the highest residential property sale ever on Quebec\u2019s MLS took place in Senneville for a property listed at $19,885,000.<\/p>\n<p style=\"text-align: justify;\">Kottick explained in the report that within the high-end real estate sector, the pandemic has heightened the standards for what is considered to be \u2018luxury\u2019. Purchasers are now seeking a calibre of design, amenities and services that \u201cmeet lofty global standards.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cThis willingness to invest in excellence will continue to foster a competitive environment for luxury real estate in the market ahead,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">In both the conventional and luxury real estate markets, local demand continued to keep things hot in 2021 in addition to low-interest rates, record cash savings and anxiety over the stock market\u2019s performance. Rising international inquiries on luxury real estate have also seen an ongoing build-up, Sotheby\u2019s reported.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2022\/01\/luxury-sales-major-2021-sothebys-canada.html\" target=\"_blank\" rel=\"noopener\">Sotheby\u2019s : Luxury Home Sales Soared in Canada&#8217;s Major Cities During 2021<\/a> by Michelle McNally | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In Canada\u2019s biggest cities, 2021 marked an outstanding year for high-end home sales, reporting triple-digit levels of sales growth from coast to coast. A new report published by Sotheby\u2019s International &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/01\/luxury-real-estate-market-was-redefined-annual-sales-rise-as-luxury-standards-meet-new-heights\/\">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-19225","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>Luxury Real Estate Market was Redefined - Annual Sales Rise as Luxury Standards Meet New Heights &#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\/2022\/01\/luxury-real-estate-market-was-redefined-annual-sales-rise-as-luxury-standards-meet-new-heights\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Luxury Real Estate Market was Redefined - Annual Sales Rise as Luxury Standards Meet New Heights &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"In Canada\u2019s biggest cities, 2021 marked an outstanding year for high-end home sales, reporting triple-digit levels of sales growth from coast to coast. A new report published by Sotheby\u2019s International &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/01\\\/luxury-real-estate-market-was-redefined-annual-sales-rise-as-luxury-standards-meet-new-heights\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/01\\\/luxury-real-estate-market-was-redefined-annual-sales-rise-as-luxury-standards-meet-new-heights\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Luxury Real Estate Market was Redefined &#8211; Annual Sales Rise as Luxury Standards Meet New Heights\",\"datePublished\":\"2022-01-19T19:11:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/01\\\/luxury-real-estate-market-was-redefined-annual-sales-rise-as-luxury-standards-meet-new-heights\\\/\"},\"wordCount\":625,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/01\\\/luxury-real-estate-market-was-redefined-annual-sales-rise-as-luxury-standards-meet-new-heights\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/01\\\/luxury-real-estate-market-was-redefined-annual-sales-rise-as-luxury-standards-meet-new-heights\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/01\\\/luxury-real-estate-market-was-redefined-annual-sales-rise-as-luxury-standards-meet-new-heights\\\/\",\"name\":\"Luxury Real Estate Market was Redefined - Annual Sales Rise as Luxury Standards Meet New Heights &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2022-01-19T19:11:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/01\\\/luxury-real-estate-market-was-redefined-annual-sales-rise-as-luxury-standards-meet-new-heights\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/01\\\/luxury-real-estate-market-was-redefined-annual-sales-rise-as-luxury-standards-meet-new-heights\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/01\\\/luxury-real-estate-market-was-redefined-annual-sales-rise-as-luxury-standards-meet-new-heights\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Luxury Real Estate Market was Redefined &#8211; Annual Sales Rise as Luxury Standards Meet New Heights\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling &amp; Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Luxury Real Estate Market was Redefined - Annual Sales Rise as Luxury Standards Meet New Heights &#8226; Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2022\/01\/luxury-real-estate-market-was-redefined-annual-sales-rise-as-luxury-standards-meet-new-heights\/","twitter_card":"summary_large_image","twitter_title":"Luxury Real Estate Market was Redefined - Annual Sales Rise as Luxury Standards Meet New Heights &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"In Canada\u2019s biggest cities, 2021 marked an outstanding year for high-end home sales, reporting triple-digit levels of sales growth from coast to coast. A new report published by Sotheby\u2019s International &hellip; [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2022\/01\/luxury-real-estate-market-was-redefined-annual-sales-rise-as-luxury-standards-meet-new-heights\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2022\/01\/luxury-real-estate-market-was-redefined-annual-sales-rise-as-luxury-standards-meet-new-heights\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"Luxury Real Estate Market was Redefined &#8211; Annual Sales Rise as Luxury Standards Meet New Heights","datePublished":"2022-01-19T19:11:00+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2022\/01\/luxury-real-estate-market-was-redefined-annual-sales-rise-as-luxury-standards-meet-new-heights\/"},"wordCount":625,"commentCount":0,"publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"articleSection":["Market Updates"],"inLanguage":"en-CA","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.roryc.ca\/blog\/2022\/01\/luxury-real-estate-market-was-redefined-annual-sales-rise-as-luxury-standards-meet-new-heights\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2022\/01\/luxury-real-estate-market-was-redefined-annual-sales-rise-as-luxury-standards-meet-new-heights\/","url":"https:\/\/www.roryc.ca\/blog\/2022\/01\/luxury-real-estate-market-was-redefined-annual-sales-rise-as-luxury-standards-meet-new-heights\/","name":"Luxury Real Estate Market was Redefined - Annual Sales Rise as Luxury Standards Meet New Heights &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2022-01-19T19:11:00+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2022\/01\/luxury-real-estate-market-was-redefined-annual-sales-rise-as-luxury-standards-meet-new-heights\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2022\/01\/luxury-real-estate-market-was-redefined-annual-sales-rise-as-luxury-standards-meet-new-heights\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2022\/01\/luxury-real-estate-market-was-redefined-annual-sales-rise-as-luxury-standards-meet-new-heights\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"Luxury Real Estate Market was Redefined &#8211; Annual Sales Rise as Luxury Standards Meet New Heights"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling &amp; Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/19225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=19225"}],"version-history":[{"count":1,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/19225\/revisions"}],"predecessor-version":[{"id":19226,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/19225\/revisions\/19226"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=19225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=19225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=19225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}