Canadian luxury real estate breaks records in 2021: Sotheby’s

The Canadian single-lot luxury real estate record was broken in Vancouver in 2021 (Sotheby’s International Realty Canada)

The struggles of Canadians for the first time buyers are well documented, but according to a new report, even well-heeled buyers are competing in the booming luxury real estate markets.

Sotheby’s International Realty Canada says the country’s largest markets broke records in 2021, led by the Greater Toronto Area.

He revealed that 805 residential properties worth over $ 4 million (condominiums, townhouses and single-family homes) had been sold. This is a 224% increase from 2020. Climbing the ranks to homes over $ 10 million, 31 properties were sold for a jump of 238%.

“There has been a dramatic shift in the perception of Canadians about the importance of their home as an investment in lifestyle and fun, physical sanctuary and security, as well as financial stability and wealth. generational, ”said Don Kottick, President and CEO of Sotheby’s International. Realty Canada, in a press release.

“In the luxury real estate market, one of the enduring influences of the pandemic has been the raising of standards of what constitutes ‘luxury’. Today’s affluent consumers seek a caliber of architectural excellence, design, technology, service and amenities that meet high global standards. . “

Kottick says these high expectations have led to a competitive luxury market.

Sotheby’s International Realty Canada says sellers continued to seek exclusive sales and marketing platforms that protected their privacy.

Also see: The latest real estate news for house prices, mortgage rates, markets, luxury properties and more on Yahoo Finance Canada.

In Vancouver, 410 homes valued at over $ 4 million were sold, an increase of 171 percent year-over-year. Meanwhile, 24 properties over $ 10 million were sold for a 218% increase from 2020. That includes highest single-family residential sale on a single lot.

Montreal also saw a 2021 record for homes over $ 4 million, with 41 properties changing hands for a 171 percent increase. Two properties sold for over $ 10 million, including the most expensive residential property sale through the multiple registration service system in the history of Quebec.

A rejuvenated energy sector has helped Calgary report four sales of luxury properties in the segment over $ 4 million, twice as many as in 2020. No homes over $ 10 million have been sold.

Kottick says local demand was the main driver in 2021, as low interest rates, savings reserves and stock market anxiety encouraged diversification into real estate. However, he also says that there has been a gradual increase in the number of international investigations.

Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on twitter @jessysbains.

Download the Yahoo Finance app, available for Apple and Android.

Comments are closed.