Luxury real estate sales in Vancouver continues to soar.
According to a new report by Sotheby’s International Realty Canada, record prices and sales will continue into the fall thanks to low supply, high demand especially from Mainland China, low mortgage rates and high consumer confidence.
Spokesperson Polly Cordwell says in the first half of this year, more than 3,000 homes, including condos and single family homes, sold for over $1 million.
That’s an increase of 26% compared to the same time last year.
“Just with the densification and everything that is happening in Vancouver, the increase in population over time, we are expecting to see more and more condos, and more and more luxury condos to meet that need.”
Cordell says in the $4-million-plus category, sales more than doubled compared to last year.
“We’ve seen the number of sales pretty much double in most categories, especially in homes that are $4-million and over we’ve seen the strongest increases. Condominiums sold over $4-million and over is up 191%.”
The report comes just two days after notes from the Greater Vancouver Real Estate board found the benchmark price of Metro Vancouver homes up 32% from June of last year.