Luxury home sales rose in Vancouver in 2014
Posted January 7, 2015 10:32 am.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – Sales of million-dollar homes rose by 25 per cent in Vancouver last year, second only to Toronto’s 38 per cent gain.
Research by Sotheby’s International Realty shows 3,134 homes in the city of Vancouver sold for at least a million dollars, most in the $1 million to $2 million range.
Sotheby’s CEO Ross McCredie also says growing demand and limited supply mean that homes sold faster and an increasing number went for more than the asking price, a trend that’s been consistent for five years.
“Obviously a million dollars doesn’t get you much of a home in Vancouver these days, but certainly the single-family home category in Vancouver proper has been extremely strong for five years.”
Also, many single-detached houses in Vancouver were close to a million dollars and passed that mark with an average price increase of about eight per cent.
At the top of the market Sotheby’s says foreign buyers snapped up about half the Vancouver and Toronto homes that sold for more than $5 million.
In Calgary, million-dollar-plus home sales were up 16 per cent but McCredie says “There’s fear (about) what 2015 is going to look like if oil stays where it is today.”
