Rebound in the Vancouver Metro Area

The richest among Vancouver’s families can breathe a sigh of relief. According to data collected from Sotheby’s International Real Estate firm there was a 35 percent increase in luxury home sales valued from $3 million to $4 million in 2013. In the 2013 year time period over 835 elite home sales were made. That number reflects a real interest by the wealthy in Vancouver real estate. In fact, home sales hit a 10 year high in 2013 which is good for home buyers and sellers alike.
There are three factors that have contributed to the rebound. 1. Low interest rates, 2. High levels of immigration, and 3. A Limited supply of homes. Low interest rates have enabled expensive homes to be easily accessible to the rich and particularly palatable to those purchasing homes in the tens of millions of dollars. Of course, higher echelon homes aren’t the only dwellings that have received the benefit of low interest rates. Single detached home sales have also risen sharply in the past 2 years as a result. High levels of immigration also directly affect the high end market. Many immigrants are coming from China, and bringing lots of cash with them. These investors see Vancouver as an opportunity and are equally enticed by the low interest rates. The combination of an influx of immigrants with the financial situation in Vancouver has created a serious rebound in this market. Last but not least, the limited supply of extravagant homes has made them a hot commodity. Buyers are willing to pay a higher price if it means they land the home of their dreams in fabulous Vancouver. The market isn’t saturated with lavish properties so homes in this niche market don’t stay for sale very long.
More good news on the expensive home front is that the trend is expected to continue. Economists do not expect numbers to change on the interest rates or immigration front and this means that the market will continue to grow. Although new real estate tends to focus on condos and town houses, Vancouver can expect to see significant growth in the areas of property development and building expansion. Many high rollers come to Vancouver for its views, culture, and business potential and they bring with them cash that burns a hole in their pockets. For this reason Vancouver will continue to see a rebound in the luxury home market.

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