Greater Vancouver topped the charts for the most expensive home sold in the first quarter of 2010, while prices for luxury properties in 9 of the 13 markets shattered records.
A recent report form the real estate council stated that nearly all marketing reported double to triple digit price increases in the firs quarter for the upper end on of the housing market. Kelowna lead the gains with prices surging 700% Followed by Montréal at 300% and Victoria with 275%.
“Recovery in the upper end has been nothing short of remarkable,” stated Elton Ash, “This segment of the market was hardest hit when the recession took hold – yet its comeback has been fast and furious.”
Foreign buyers, particularly from the Middle East and China, are also helping buoy sales at the upper end of the market, with investors attracted by the stability of the Canadian financial system and the beauty… did you see the Olympics?
This report also speculated that the economic recovery coupled with the rebound in stock portfolios has helped boost the number of high net worth individuals who are reaching for their wallets.
The most expensive home sold through the MLS listing system in the first three months of the year was an 11,600 sq. ft. property in Vancouver’s Westside, which fetched $10.6 million, it said.
The Bank of Canada last week predicted that the feverish property market would begin to cool in the second half of this year as higher interest rates, tax in some markets and tighter mortgage rules dampen demand.
These are not factors likely to affect the higher end of the market, however. Greater Vancouver topped the entry-level price for luxury homes with the sales tag starting at $2 million, followed by $1.5 million in Toronto and Montreal
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