Confidence returned to Vancouver's luxury home market in 2013 with sales for homes priced more than $1 million surging in the last half of the year, according to a Sotheby's International Realty Canada report released January 9.
Sotheby's counted 2,505 Vancouver homes that sold in 2012 and were priced in the seven figures. That's a 19% increase compared with 2012. Sales in the last half of the year, however, surged 74% compared to the same six-month period one year earlier.
Calgary led the country with a 33% jump in sales for homes priced above $1 million whereas sales for homes in Toronto in that price range rose 13%. Montreal was the only major urban centre in Canada to post negative sales growth for homes priced more than $1 million as sales for those homes in Quebec's largest city dipped 8% compared with 2012.
"2013 proved to be a year that defied many analyst predictions," said Sotheby's CEO Ross McCredie.
"We expect to see continued growth in western Canada's high-end housing market, specifically in attached and single family homes in Vancouver and Calgary."
The high end of Vancouver's luxury home market was the part that rose last year, according to Sotheby's. Vancouver homes priced above $4 million had sales 48% more than in 2012.
The most expensive home in B.C. is Lululemon founder Chip Wilson's mansion at 3085 Point Grey Road, which BC Assessment earlier this month estimated is worth $54 million.
