Vancouver Luxury Real Estate
Real Estate For Sale In Vancouver, BC
Without question, Vancouver boasts one of the strongest real estate markets in Canada. Even through the economic woes that plagued the country in 2008 and 2009, real estate in Vancouver showed impressive gains and high sales figures despite a few hiccups. Similarly, Vancouver luxury real estate has surged. Indeed, according to MLS statistics records for sales of luxury homes (those sold for over $3 million) have been set and shattered in each of the 3 previous years.
The majority of luxury home sales in Vancouver have been on Vancouver’s west side, with some of these homes exceeding a $10 million price tag. Should sales figures continue in the same direction as 2008, 2009, and 2010, real estate experts expect approximately 550 luxury home sales in 2011. Compared to figures in 2000, when just 10 luxury properties were sold in Metro Vancouver, it is clear that the Vancouver luxury real estate market is booming.
In fact, Vancouver is well-established in a global luxury market that attracts the ultra-wealthy. More surprisingly, the prices on these luxury homes in Vancouver are often considered quite cheap for what is on offer. Nevertheless, the price of homes in Vancouver suggests that what was once considered “luxury” may not satisfy the appetites of all luxury home buyers anymore. There are considerably more $3 million dollar homes throughout Metro Vancouver than there were a decade ago, and some of these homes are on the smaller side for what you would expect from luxury homes.
However, with upper class neighbourhoods such as West Vancouver, Point Grey, the British Properties, Shaughnessy, Kitsilano, and the University of British Columbia endowment lands offering a wide range of luxury homes, there is certainly no shortage of options to interested buyers. International buyers from mainland China, Europe, and the United States are all flocking to Vancouver for the opportunity to purchase quality homes in one of the most beautiful cities in the world.
Perhaps another factor influencing the popularity of Vancouver luxury real estate, is the value these home offer. Many urban centres on the west coast and likely throughout North America, such as San Francisco or Los Angeles, are considerably more expensive for similarly designed properties. Where Vancouver benefits is the relatively emerging nature of the luxury real estate market; as already mentioned, just a decade ago luxury sales were a very small portion of the market. Today, Vancouver’s luxury real estate market is growing in no small part due to the price on these homes as well as an increasingly popular international image of the city.