Sotheby’s reports increased sales of single-family homes in Vancouver


Lucy Ingham
Lucy Ingham
Head of Content
Lucy is Head of Content overseeing all content and taking deep dives into the trends and data driving changes in payments. Previously, Lucy worked as a technology journalist and editor,… Read more
  • In Vancouver’s competitive real estate market, the preferences of luxury buyers are undergoing a significant shift.
  • According to a new report, sales for single-family homes over $4m have experienced a 14% increase since January 2023, with a total of 301 properties sold.
  • Calgary has also become a market hotspot for luxury real estate, with sales of homes priced over $4m seeing an increase of 50%.

The luxury real estate market in Vancouver is experiencing a significant shift as affluent buyers increasingly prioritise single-family homes over condominiums.

According to a recent report from Sotheby’s International Realty Canada, this shift marks a “dramatic transformation” in the preferences of high net-worth buyers. The report suggests that wealthy buyers are now seeking out homes with more square footage and a greater sense of space rather than opting for high-rise towers within central city districts.

According to Sotheby’s International Realty Canada CEO and President Don Kottick, rising prices and inflationary pressures reshaped the priorities of well-capitalised buyers from July onwards.

The Vancouver luxury housing market experienced a slow start in 2023, with overall sales above $4m down by 9% compared to the previous year. However, there was a significant rebound in the second half, with sales increasing by 45%, according to the latest report.

High net-worth individuals (HNWIs) looking to purchase luxury real estate while the Canadian luxury property market is stable should use a secure online money transfer service when making international business payments.

Despite the initial downturn, there is still a persistent demand among buyers for single-family homes in the luxury segment, with a particular focus on properties priced above $4m. Kottick described the current state of the market as having “cautious optimism”.

According to recent data, sales in this segment have risen by 8% compared to the previous year, with 328 properties sold throughout the year. This includes 20 properties that fetched a sale price of over $10m.

According to a recent report, sales for single-family homes priced at over $4m rose by 14% in 2023, with a 36% increase in sales for homes priced over $10m.

In contrast, condominium sales in the same price range experienced a 36% decline, with only one unit exceeding a sale price of $10m.

Calgary has also become a hotspot for luxury real estate and has seen a significant increase in activity among luxury buyers. Recent data shows that sales of luxury homes priced over $4m in Calgary have seen a significant increase of 50%, which can be attributed to the city’s strong economy, positive job prospects and attractive cost of living.

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