{"id":19788,"date":"2022-04-26T10:10:00","date_gmt":"2022-04-26T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19788"},"modified":"2022-04-13T15:29:39","modified_gmt":"2022-04-13T22:29:39","slug":"sales-for-vancouver-luxury-condos-worth-over-4m-increased-8-y-y","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/04\/sales-for-vancouver-luxury-condos-worth-over-4m-increased-8-y-y\/","title":{"rendered":"Sales for Vancouver Luxury Condos Worth Over $4M Increased 8% Y\/Y"},"content":{"rendered":"<p style=\"text-align: justify;\">Canada\u2019s luxury real estate market reported a robust Q1-2022 thanks to rising consumer optimism and economic revitalization, trends that have supported soaring sales for high-end condos.<\/p>\n<p style=\"text-align: justify;\">In its Top-Tier Real Estate : Spring 2022 State of Luxury Report, Sotheby\u2019s International Realty Canada reported \u201ctop-tier sales,\u201d for luxury homes across all major metropolitan areas, particularly for condos priced over $1 million. In markets such as Toronto and Vancouver, where single-family and attached home supply is dwindling, luxury condos are increasingly becoming the best or only options for buyers according to Don Kottick, president and CEO of Sotheby\u2019s International Realty Canada.<\/p>\n<p style=\"text-align: justify;\">\u201cAcross Canada\u2019s major metropolitan areas, we have seen extraordinary sales activity and consumer demand in the luxury condominium market this year, leaving no doubt that consumer and investor confidence in the downtown and urban market has been fully restored,\u201d said Kottick in the report.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile there are lifestyle, family stage, financial planning and generational drivers behind the super-charged luxury condominium market, its strength also reflects the stark imbalance between strong demand and inventory challenges we are seeing across the real estate market overall,\u201d he added.<\/p>\n<p style=\"text-align: justify;\">Leading into the spring, Sotheby\u2019s Canada said that the luxury market is \u201cpoised for robust performance.\u201d<\/p>\n<p style=\"text-align: justify;\">However, a lacklustre housing supply and government policy interventions on the demand side may create headwinds in the market.<\/p>\n<p style=\"text-align: justify;\"><strong>Luxury Toronto condo sales over $1 million surge by triple digits<\/strong><\/p>\n<p style=\"text-align: justify;\">The demand for high-end condos in Canada\u2019s two largest cities helped to drive a significant portion of sales during the previous business quarter.<\/p>\n<p style=\"text-align: justify;\">Overall, Toronto homes worth $1 million and up reported a 11% year-over-year jump in sales in Q1-2022. Sales for luxury condos, attached and single-family homes worth over $4 million increased 30% yearly in Toronto between January 1st and March 31st. Seven sales over $10 million were made over the same time period, down slightly from nine properties in the same price range during Q1-2021.<\/p>\n<p style=\"text-align: justify;\">Luxury condo sales priced $1 million or more surged 120 per cent annually, significantly higher compared to attached homes \u2014 up 79 per cent \u2014 and single-family properties over $1 million, which are down 10 per cent year-over-year.<\/p>\n<p style=\"text-align: justify;\">For luxury condos priced at $4 million and up, sales lead the market with a 160% annual gain. By comparison, single-family home sales in this price range increased 24% yearly. Four attached homes sold over $4 million during Q1-2022, a notable increase from the same time last year when no properties in this price segment were bought.<\/p>\n<p style=\"text-align: justify;\">Like Toronto, Vancouver\u2019s luxury condo segment helped to drive sales in the first quarter \u201cas the city\u2019s long-standing single-family and attached home supply deficit channeled prospective buyers into high-density housing,\u201d according to Sotheby\u2019s report.<\/p>\n<p style=\"text-align: justify;\">Sales for all Vancouver condo, attached and single-family properties priced over $4 million dropped 14% annually to 99 homes sold in Q1-2022. Three properties priced over $10 million sold during the same period, half as many that traded hands in Q1-2021. For all property types worth over $1 million, sales were down 10% annually from 2021\u2019s first quarter with 1,470 homes sold.<\/p>\n<p style=\"text-align: justify;\">The number of $1 million-plus condos sold was nearly equal to single-family homes in Q1-2022, as sales rose 29% yearly to 559 condo transactions. This accounted for 38% of all real estate sales in that price bracket last quarter. By comparison, 599 single-family $1 million-plus homes were sold during the same period, as were 315 attached properties, down 28% and 16% year-over-year.<\/p>\n<p style=\"text-align: justify;\">Sales for luxury Vancouver condos worth over $4 million increased 8% yearly in Q1-2022 as 14 units traded hands.<\/p>\n<p style=\"text-align: justify;\"><strong>Demand for high-end condos rises in Montr\u00e9al and Calgary<\/strong><\/p>\n<p style=\"text-align: justify;\">Compared to 2021\u2019s record-breaking levels, Montr\u00e9al\u2019s luxury market started to normalize during the first months of 2022, but condo units still accounted for a significant portion of sales.<\/p>\n<p style=\"text-align: justify;\">Sales for $4 million-plus properties were up 140% in Q1-2022 compared to the same period last year, while transactions priced over $1 million reported more moderate annual growth of 6% compared to Q1-2021. One in three $1 million-plus home sales were in the luxury condo segment. Transactions for Montr\u00e9al condos worth $1 million and up increased 73% yearly as single-family and attached home transactions fell 11% and 8% year-over-year.<\/p>\n<p style=\"text-align: justify;\">As consumer optimism and economic recovery improved in Calgary during Q1-2022, luxury home sales grew. Home transactions over $1 million rose 82% year-over-year between Q1-2021 and Q1-2022. Calgary\u2019s $1 million-plus single-family and attached home sales increased 71% and 258% annually, while condo transactions over $1 million jumped from two to seven properties year-to-year.<\/p>\n<p style=\"text-align: justify;\">Two homes worth over $4 million were sold last quarter, up from zero sales in this price segment last year.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2022\/04\/luxury-condos-sales-soared-q1-2022.html\" target=\"_blank\" rel=\"noopener\">Sotheby\u2019s Canada : Luxury Condo Sales Soared in Major Markets During Q1-2022<\/a> by Michelle McNally | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada\u2019s luxury real estate market reported a robust Q1-2022 thanks to rising consumer optimism and economic revitalization, trends that have supported soaring sales for high-end condos. In its Top-Tier Real &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/04\/sales-for-vancouver-luxury-condos-worth-over-4m-increased-8-y-y\/\">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-19788","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Sales for Vancouver Luxury Condos Worth Over $4M Increased 8% Y\/Y &#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=\"http:\/\/www.roryc.ca\/blog\/2022\/04\/sales-for-vancouver-luxury-condos-worth-over-4m-increased-8-y-y\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Sales for Vancouver Luxury Condos Worth Over $4M Increased 8% Y\/Y &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Canada\u2019s luxury real estate market reported a robust Q1-2022 thanks to rising consumer optimism and economic revitalization, trends that have supported soaring sales for high-end condos. In its Top-Tier Real &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=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"http:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/04\\\/sales-for-vancouver-luxury-condos-worth-over-4m-increased-8-y-y\\\/#article\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/04\\\/sales-for-vancouver-luxury-condos-worth-over-4m-increased-8-y-y\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Sales for Vancouver Luxury Condos Worth Over $4M Increased 8% Y\\\/Y\",\"datePublished\":\"2022-04-26T17:10:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"http:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/04\\\/sales-for-vancouver-luxury-condos-worth-over-4m-increased-8-y-y\\\/\"},\"wordCount\":767,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"http:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/04\\\/sales-for-vancouver-luxury-condos-worth-over-4m-increased-8-y-y\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/04\\\/sales-for-vancouver-luxury-condos-worth-over-4m-increased-8-y-y\\\/\",\"url\":\"http:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/04\\\/sales-for-vancouver-luxury-condos-worth-over-4m-increased-8-y-y\\\/\",\"name\":\"Sales for Vancouver Luxury Condos Worth Over $4M Increased 8% Y\\\/Y &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2022-04-26T17:10:00+00:00\",\"breadcrumb\":{\"@id\":\"http:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/04\\\/sales-for-vancouver-luxury-condos-worth-over-4m-increased-8-y-y\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"http:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/04\\\/sales-for-vancouver-luxury-condos-worth-over-4m-increased-8-y-y\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"http:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/04\\\/sales-for-vancouver-luxury-condos-worth-over-4m-increased-8-y-y\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Sales for Vancouver Luxury Condos Worth Over $4M Increased 8% Y\\\/Y\"}]},{\"@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":"Sales for Vancouver Luxury Condos Worth Over $4M Increased 8% Y\/Y &#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":"http:\/\/www.roryc.ca\/blog\/2022\/04\/sales-for-vancouver-luxury-condos-worth-over-4m-increased-8-y-y\/","twitter_card":"summary_large_image","twitter_title":"Sales for Vancouver Luxury Condos Worth Over $4M Increased 8% Y\/Y &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"Canada\u2019s luxury real estate market reported a robust Q1-2022 thanks to rising consumer optimism and economic revitalization, trends that have supported soaring sales for high-end condos. In its Top-Tier Real &hellip; [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"http:\/\/www.roryc.ca\/blog\/2022\/04\/sales-for-vancouver-luxury-condos-worth-over-4m-increased-8-y-y\/#article","isPartOf":{"@id":"http:\/\/www.roryc.ca\/blog\/2022\/04\/sales-for-vancouver-luxury-condos-worth-over-4m-increased-8-y-y\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"Sales for Vancouver Luxury Condos Worth Over $4M Increased 8% Y\/Y","datePublished":"2022-04-26T17:10:00+00:00","mainEntityOfPage":{"@id":"http:\/\/www.roryc.ca\/blog\/2022\/04\/sales-for-vancouver-luxury-condos-worth-over-4m-increased-8-y-y\/"},"wordCount":767,"commentCount":0,"publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"articleSection":["Market Updates"],"inLanguage":"en-CA","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["http:\/\/www.roryc.ca\/blog\/2022\/04\/sales-for-vancouver-luxury-condos-worth-over-4m-increased-8-y-y\/#respond"]}]},{"@type":"WebPage","@id":"http:\/\/www.roryc.ca\/blog\/2022\/04\/sales-for-vancouver-luxury-condos-worth-over-4m-increased-8-y-y\/","url":"http:\/\/www.roryc.ca\/blog\/2022\/04\/sales-for-vancouver-luxury-condos-worth-over-4m-increased-8-y-y\/","name":"Sales for Vancouver Luxury Condos Worth Over $4M Increased 8% Y\/Y &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2022-04-26T17:10:00+00:00","breadcrumb":{"@id":"http:\/\/www.roryc.ca\/blog\/2022\/04\/sales-for-vancouver-luxury-condos-worth-over-4m-increased-8-y-y\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["http:\/\/www.roryc.ca\/blog\/2022\/04\/sales-for-vancouver-luxury-condos-worth-over-4m-increased-8-y-y\/"]}]},{"@type":"BreadcrumbList","@id":"http:\/\/www.roryc.ca\/blog\/2022\/04\/sales-for-vancouver-luxury-condos-worth-over-4m-increased-8-y-y\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"Sales for Vancouver Luxury Condos Worth Over $4M Increased 8% Y\/Y"}]},{"@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\/19788","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=19788"}],"version-history":[{"count":1,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/19788\/revisions"}],"predecessor-version":[{"id":19789,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/19788\/revisions\/19789"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=19788"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=19788"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=19788"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}