Luxury Market stumbles, but still records 2nd best year – Metro Vancouver Real Estate News February 2013
The BC luxury home market stumbled in 2012 as sales of high-end homes fell 36% from their peak in 2011. However, even with the drop, 2012 was still the 2nd best year in history for sales of luxury homes.
439 $3-million+ homes transacted in 2012, down from a peak of 691 in 2011. However, to demonstrate how far prices in BC’s real estate market have increased over the past 10 years, only 10 homes sold for over $3 million in the year 2000. Of the 439 homes that sold for over $3-million in 2012, 107 sold for over $5-million and 44 were condos or townhomes. The most expensive home sold in 2012 was $19.8 Million.
The majority of homes sold for over $3 million in 2012 were located in Vancouver’s Westside. West Vancouver was also well represented while a disproportionate number of expensive homes sold in South Surrey/White Rock. Outside the lower mainland, Vancouver Island saw 8 $3-million+ sales while the Okanagan recorded 4.
The story has been somewhat different outside of the lower mainland as many areas never experienced the same Asian bump that Vancouver did. In the Okanagan, the luxury market still hasn’t fully recovered from the Financial Crisis. For the past few years, there has been a good selection of properties on the market and fewer buyers. Buyers for this type of property are constantly looking for a deal and when the right deal on the right property shows up, they are ready to strike.
In Victoria, the story is similar. The luxury market has struggled since the 2008 financial crisis.
Lower Mainland 3 Most Expensive Homes Sold in 2012:
1) $19.8 Million
2) $16.2 Million
3) $14.2 Million
Okanagan 3 Most Expensive Homes Sold in 2012:
1) $5.7 Million
2) $5.25 Million
3) $3.75 Million
Vancouver Island 3 Most Expensive Homes Sold in 2012:
1) $5 Million
2) $4.451 Million
3) $4 Million
If you have any real estate questions or if you are thinking of buying or selling your home, please contactÂ James Louie Chung, Metro Vancouver REALTORÂ® â€“ Real Estate AgentÂ atÂ [email protected]Â or call / text ( 6 0 4 ) 7 1 9 â€“ 6 3 2 8 today!