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

Seven Days in Chilliwack

A list of community events happening in Chilliwack from Jan. 20 to 26

Minus two-degree weather a warm welcome following cold snap in Chilliwack

People flocked to the hills Saturday, sleds in hand, to take in some snowy fun in Chilliwack

VIDEO: Highway 1 to look like winter war zone until owners retrieve wrecked vehicles

Tow-truck driver says 30 vehicles still dot snowy landscape, including one rolled-over dairy truck

Charity Clothes2U ready to hand out free items to people in need in Chilliwack

The Clothes2U Winter Giveaway event will be in Chilliwack at Cooke’s Presbyterian Church

Pickup truck motorist drives up vehicle ramp and onto parked trailer on Chilliwack road

The incident happened on Young Road after Chilliwack was handed another dump of snow Friday night

After cashing in on QB gambles, Chiefs and 49ers to clash in Super Bowl

KC beats Tennessee, San Francisco dispatches Green Bay to reach NFL title game

VIDEO: SPCA and RCMP remove several animals, including pig, at private animal rescue in Langley

Home at 5500 block of 216th Street has undergone multiple seizures over the past five years

B.C. VIEWS: Few clouds on Horgan’s horizon

Horgan’s biggest challenge in the remainder of his term will be to keep the economy humming along

Victoria family focuses on ‘letting go, enjoying time together’ after dad gets dementia

Walter Strauss has developed an interest in music and now takes line dancing classes

B.C. forest industry grasps for hope amid seven-month strike, shutdowns, changes

Some experts say this could be worse for forestry than the 2008 financial crisis

Northern B.C. RCMP investigating alleged sexual assault in downtown Smithers

One person was transported by ambulance to hospital following RCMP investigation at Sedaz

Vancouver police probe second homicide in less than 24 hours

Woman was found dead in her Gastown home

UBC, Iranian-Canadian community create memorial scholarship in honour of victims

The Jan. 8 crash killed 176 people, including 57 Canadians

Most Read