Luxury real estate thrived in 2015
The real estate market for million-dollar homes in Vancouver and Toronto was a record-setter in 2015, with the $4-million home market experiencing the most significant gains.
According to Sotheby’s International Realty Canada, the sale of real estate priced at more than $1 million rose 46% between 2014 and 2015, following a 25% from 2013 to 2014.
According to Sotheby’s, climbing prices, tightening inventory and rising consumer demand, kept Vancouver a leader in Canadian top-tier real estate sales in 2015. All residential property types experienced year-over-year growth.
There were 4,578 condos, townhouses and detached homes worth more than $1 million that sold in Vancouver in 2015, up from 3,134 in 2014.
The greatest percentage increase gains were experienced in the $4 million-plus market, where sales increased 67% from 253 units in 2014 to 422 units in 2015.
Attached home sales surged 95% year-over-year, while the number of condo sales jumped 44%, in the $1 million-plus category.
Low interest rates, below-national-average unemployment levels, sustained international investment and immigration, and high levels of consumer confidence are expected to keep Greater Toronto and Vancouver at the top of the $1 million-plus real estate market, according to Sotheby’s.