The luxury home market powered ahead in Vancouver last year, fuelled in part by redevelopment of teardowns by builders in prime, or upcoming neighbourhoods, according to a new study by RE/MAX looking at upper-end real estate trends across Canada.
Defining luxury properties as those listed over $2 million, the study found that 1,609 Vancouver properties sold at that or above in 2013, making it the second-best year for that category of property ever. Sales of both luxury, single-family homes and condos outperformed the market overall, the study notes, with gains of 38 and 19 per cent respectively.
Prices in certain neighbourhoods — including those on the edges of traditionally "blue-chip" areas — were pushed up by the increasing number of smaller, older properties bought up by builders before being demolished. These were then developed into "substantial residences — sporting price tags between $5 million and $10 million."
The study reiterates the findings of a report into luxury trends by Sotheby's International Realty Canada released earlier this month. Though they define the luxury market as beginning at the $4 million price tag, Sotheby's told The Huffington Post B.C. that category is seeing sales growth of 50 per cent, year over year.
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