By the middle of 2021, nearly 1,700 single-family home sales had sold over $1 million, up 94% year-over-year, with 49% of homes selling above the list price.
As of last month, the benchmark prices for a single-family home in Vancouver West increased by 12.4% year-over-year to $3.458 million, while the same home type in Vancouver East increased by 16.3% year-over-year to $1.697 million.
Upscale condominium sales also resurged over the first six months of 2021, regaining the ground lost last year due to the pandemic. During this period, luxury condominium sales over $4 million more than doubled with a 138% year-over-year increase, and sales between $2 million and $4 million increased by 87% year-over-year.
Analysts attribute this activity to historically low-interest rates, pandemic-influenced changes in housing desires and needs, and long-term confidence in Vancouver’s real estate market. The resurgence in sales volumes accelerated soon after the start of the provincial government’s gradual restart, which first boosted sales in single-family homes and townhomes, before spreading into the condominium market.