- 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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