Vancouver’s luxury real estate market is starting to finally rebound as the ongoing COVID-19 pandemic begins to cool down, according to a study from Sotheby’s International Realty.
In the first half of 2021, residential sales over $4 million and $10 million grew 152 percent and 300 percent year-over-year. Further, property sales between $2 million and $4 million increased 144 percent year-over-year with 872 properties sold.
Finally, $1 million to $2 million properties experienced 100 percent gains and 2,100 properties sold.
On the condo side of things, sales surged significantly over the first six months of 2021, going so far as to regain ground that was lost during the pandemic. For example, luxury condo sales totalled over $4 million, amounting to a 138 percent year-over-year increase, with sales between $2 million and $4 million or an 87 percent year-over-year increase.
According to the study, this is due to historically low-interest rates, people’s housing needs shifting amid the pandemic and renewed confidence in Vancouver’s pricey real-estate market. The surge in sales also coincided with the provincial government’s gradual re-opening.
Finally, the report states that this increased activity is drive mostly by domestic buyers and not foreign industry. According to Urbanized, this is the most significant jump in Vancouver’s luxury residential market in four years.