Sale of Iconic Belmont Estate by Sotheby s International Realty Canada Breaks Greater Vancouver Real Estate Record | Business cadillacnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cadillacnews.com Daily Mail and Mail on Sunday newspapers.
By the middle of 2021, nearly 1,700 single-family home sales had sold over $1 million, up 94% year-over-year, with 49% of homes selling above the list price.
As of last month, the benchmark prices for a single-family home in Vancouver West increased by 12.4% year-over-year to $3.458 million, while the same home type in Vancouver East increased by 16.3% year-over-year to $1.697 million.
Upscale condominium sales also resurged over the first six months of 2021, regaining the ground lost last year due to the pandemic. During this period, luxury condominium sales over $4 million more than doubled with a 138% year-over-year increase, and sales between $2 million and $4 million increased by 87% year-over-year.
Analysts attribute this activity to historically low-interest rates, pandemic-influenced changes in housing desires and needs, and long-term confidence in Vancouver’s real estate market. The resurgence in sales volumes accelerated soon after the start of the provincial governmen
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The relentless march of Canadaâs luxury real estate market continues to see strength as multi-million dollar home sales smash records.
Toronto led the charge with a 400 per cent increase in attached home sales worth over $4 million dollars since last year, according to a report from luxury real estate firm Sothebyâs International Canada. In Vancouver, there was a similar frenetic pace in these types of home sales, seeing a boost of 300 per cent year-over-year.
Montrealâs market also impressed the firm, managing to break Sothebyâs all-time condo sale price record with a $12.9 million penthouse at de la Montagne and Sherbrooke.
Article content This renovated and restored mansion in Westmount is listed at $11,750,000. Courtesy of Sotheby s International Realty Canada
The Bank of Canada has estimated Canadians saved an additional $180 billion during the pandemic, mostly by high-income and upper-income households. While much of this wealth is currently just sitting in bank accounts, some of these savings are probably earmarked for real estate purchases.
At the same time, the baby boomer generation is beginning to loosen the purse strings to pass on some of the wealth they have accumulated to their heirs. In 2018, the Toronto-based research firm Strategic Insight projected that approximately $1 trillion in personal wealth would be transferred from one generation to the next in Canada between 2016 and 2026.
Posthaste: Canada s luxury real estate market keeps smashing records – and the return to the office won t change that calgaryherald.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from calgaryherald.com Daily Mail and Mail on Sunday newspapers.