Demand for High-End Properties in Vancouver Steady According to Sotheby's International Realty Canada's Top-Tier Report

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 3, 2013) - Vancouver's high-end residential real estate market is showing positive momentum leading into the second half of the year, according to the latest report released today by Sotheby's International Realty Canada.

According to the Top-Tier Real Estate Report, which analyzes year-over-year data for single family, attached and condominium properties over $1 million, Vancouver saw 1,239 sales over $1 million between January 1 and June 30, 2013, representing a 57% increase over the last six months of 2012 and a slight 6% decline in sales compared to the same period last year. Compared to July 1 to December 31, 2012, unit sales of homes between $1-2 million saw a 47% increase. Sales of homes from over $2 million saw the greatest increase: compared to the last half of 2012, home sales of $2-4 million rose by 78% while home sales over $4 million increased by nearly 70%.

Condominiums $1 Million+

The Vancouver condo market demonstrated significant growth across all price segments over $1 million within the past six months. Despite a slight increase in the average number of days on market for condominiums between $1-2 million, 131 units sold in the first half of the year, reflecting a 26% increase compared to the last six months of 2012. 40 condos sold between $2-4 million, an increase of over 90% from six months ago and nearly the same number of sales for the same period last year. While sales of condos over $4 million held relatively steady at 7 units, their average days on market increased to 221 days.

Attached Homes $1 Million+

The high-end attached homes market has been heavily driven by $1-2 million properties. The number of sales in this price category increased by 36% to 102 units within the past six months and sales were 2% higher compared to the same period last year. With nearly 10% of sales going above the list price and the number of days on market continuing to decline, it's evident that demand for attached homes within this price segment is on an upward trajectory.

Single Family Homes $1 Million+

Within the past six months the market for single family homes over $1 million has gained momentum. Compared to the latter half of 2012, sales of homes between $1-2 million increased by 56% to 528 units and sales of homes within the $2-4 million range increased by 76% to 349 units. Notably, 78 homes over $4 million sold in the first half of 2013, 77% more than the last half of 2012 and 16% more than the same period in 2012.

In the first half of 2013, more homes sold over the list price compared to the latter half of 2012: 17% of homes between $1-2 million, 9% of homes between $2-4 million and 5% of homes over $4 million sold over asking. The average number of days on market dropped to 41 days for $1-2 million homes, 49 days for $2-4 million homes and remained at 58 days for $4 million homes.

According to Sotheby's International Realty Canada CEO, Ross McCredie, "The data for 2013 to date underscores continued demand for high-end homes in Vancouver, especially for properties between $2-4 million and greater."

High resolution images and report available upon request.

About Sotheby's International Realty Canada

Combining the world's most prestigious real estate brand with local market knowledge and specialized marketing expertise, Sotheby's International Realty Canada is the leading real estate sales and marketing company for the country's most exceptional properties. With offices in over 20 residential and resort markets nationwide, our professional associates provide the highest caliber of real estate service, unrivaled local and international marketing solutions and a global affiliate sales network of approximately 600 offices in more than 45 countries to manage the real estate portfolios of discerning clients from around the world.

Disclaimer

*The information contained in this report references market data from MLS boards across Canada. Sotheby's International Realty Canada cautions that MLS market data can be useful in establishing trends over time, but does not indicate actual prices in widely divergent neighborhoods or account for price differentials within local markets. This report is published for general information only and not to be relied upon in any way. Although high standards have been used in the preparation of the information and analysis presented in this report, no responsibility or liability whatsoever can be accepted by Sotheby's International Realty Canada or Sotheby's International Realty Affiliates for any loss or damage resultant from any use of, reliance on or reference to the contents of this document.