Luxury home sales are booming in B.C.’s strong property market.
Topping the list of top-dollar deals in 2021 so far is a waterfront home near the Royal Vancouver Yacht Club in the city’s Kitsilano neighbourhood.
The custom-designed residence at 3617 Cameron Avenue sold on March 6 for $20,300,000.
B.C. Assessment placed the 2021 value of the three-bedroom, three-bath home as of July 1, 2020 at $13,824,000.
This means that the property sold 46.8 percent over its assessed value.
The deal was tracked by Zealty.ca, a real-estate information site operated by Holywell Properties.
Based on Zealty.ca’s recording, a total of 14 properties sold at and over $10 million since the start of 2021 across markets served by the real estate boards in Greater Vancouver, Fraser Valley, and Chilliwack.
On March 30, Sotheby’s International Realty Canada released a report noting an “unprecedented phase of evolution and expansion” for the country’s luxury property market.
With respect to Vancouver, the Sotheby’s report stated that the market for high-end homes is gaining “significant momentum leading into spring”.
It noted that residential real estate sales over $4 million increased 41 percent year-over-year in the first two months of 2021.
In particular, single-family home sales over $4 million increased 29 percent.
“Confidence and activity also rebounded in the luxury condominium market, as sales over $4 million increased 75% to seven units sold in January and February,” the Sotheby’s report noted.
In addition, sales over $4 million between March 1 and March 15 “suggest steep gains to come in the spring”.
“As a company, we are seeing foundational changes in the home and lifestyle preferences across every generation of Canadian, and a level of willingness to invest in home buying and renovation that will permanently improve the quality of housing stock, and therefore prices,” Sotheby’s president and CEO Don Kottick said in a media release.
Going back to Zealty.ca’s tracking, the second most expensive deals in 2021 so far is a high-end home in West Vancouver.
The waterfront property at 3190 Travers Avenue sold on March 14 for $19,199,000.
The sale price was 45.7 percent over the property’s assessed value of $13,172,000.
These transactions include a couple of development sites in Surrey and Langley.
In Whistler, a four-bedroom, five-and-a-half-bath home in a gated estate sold for $15,500,000.
The mountain resort residence at 2919 Ancient Cedar Lane has a 2021 assessed value of $9,902,000.
Back in Vancouver, a South Granville mansion with seven bedrooms and eight baths sold on March 6 for $11,180,000.
B.C. Assessment placed the 2021 value of the 6162 Adera Street property at $10,339,000.