Wealthy investors are opening their wallets again as luxury home sales in Greater Vancouver skyrocketed 184% in the first quarter of 2010.
The increase is compared with the same period in 2009 when only 80 homes with price tags of $2 million or more were sold, according to a RE/MAX report released today.
"Recovery in the upper end has been nothing short of remarkable," said Elton Ash, regional executive vice-president for RE/MAX of Western Canada. "This segment of the market was hardest hit when the recession took hold, yet its comeback has been fast and furious."
The report highlighted sales and trends in 13 Canadian urban centres and five sub-markets
It said improved economic performance, increased personal wealth, immigration and foreign investment contributed to the upswing in sales.
Greater Vancouver had the nation's highest entry-level price point for luxury homes at $2 million, and it also held the title for the most expensive home sold this year.
The home is located in Vancouver's Westside and is an 11,600 sq. ft. property that was bought for $10.06 million.
The report showed a 391% increase in the number of luxury home sales in the city's Westside, while West Vancouver had a 125% increase, White Rock and South Surrey a 47% increase and Victoria a 275% jump in total sales.
Other markets across Canada showed significant increases in the amount of luxury home sales, but Kelowna beat them all out with a 700% leap in the first quarter of 2010.