THE CANADIAN PRESS/Darryl Dyck

Vancouver’s luxury real estate market ‘rallied’ in second half of 2019: report

Growth in homes worth more than $1 million was led by a ‘renewing’ single family home market

Vancouver’s luxury market recovered in the second half of 2019 following a slowdown at the beginning of the year, according to a year-end report from Sotheby’s International Realty Canada.

The luxury real estate firm looked at listings above $1 million and found they were “uncharacteristically active” over the summer months, a time when sales usually dip.

The report said Vancouver properties worth between $1 million and $2 million lead the recovery in the latter half of 2019, with sales up 44 per cent from the same time period in 2018. Sales of homes worth between $2 million and $4 million rose by 32 per cent, while homes worth more than $4 million had sales decline by 12 per cent in the last half of 2019.

That growth in homes worth more than $1 million was led by a “renewing” single family home market, where homes sales rose 39 per cent between July 1 and Dec. 31, 2019, compared to the same period the year before.

However, the report showed that overall, 2019 sales of homes between $1 to 2 million, $2 to 4 million and over $4 million were down four per cent, seven per cent and 25 per cent, respectively, compared to the year prior.

ALSO READ: Rental vacancy rates last year hit lowest since 2002 after third year of decline


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

One to hospital after truck shears power pole in North Surrey

Approximately 500 BC Hydro customers without power

Elgin Park Secondary dry-grad fundraisers planned

‘Dine Out’ coupon book, parent’s night aim to raise funds for year-end festivities

Police seize nearly 50 kilos of drugs in Surrey

Police say this has taken perhaps millions of deadly doses of fentanyl and other drugs off the streets

ICBC had 32,412 Dial-a-Claim calls from Lower Mainland

This was in a 17-day stretch from Jan. 3 to Jan. 19, inclusive

Metro Vancouver hit with $637,000 WorkSafeBC fine for ‘high risk’ sewer work

Workers could have been exposed to hydrogen sulfide gas

VIDEO: Fire closes 16th Avenue between 248th and 256th Streets in South Langley

Crews are on scene and are asking commuters to use an alternate route

Meng extradition case back in court for second day on double criminality test

Meng is accused of lying to HSBC about Huawei’s relationship with an Iran-based subsidiary

Canada to ratify new NAFTA next week following U.S. Senate approval: Trudeau

Trudeau says millions of Canadians depend on stable, reliable trade

Skier dies at Fernie Alpine Resort

It’s the second person to die in a tree well at a ski resort in B.C. in the past week.

Warm ‘blob’ could be behind mass starvation of North Pacific seabirds: study

Unprecedented death toll raises red flag for North American marine ecosystems

VIDEO: Vancouver Island mom shares ‘insane’ experience of viral dinosaur video

Tabitha Cooper filmed her costumed sons meeting their grandma at the Victoria International Airport

Vancouver Island home to one of Canada’s largest private skateboard collections

Eric Pinto owns hundreds of boards, spanning multiple decades

Most Read

l -->