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


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