Even if you can't afford a luxury house yourself, it's fun to see how the other 1 per cent lives. The annual Top Tier Trends Report from Sotheby's International Realty gives the rest of us a glimpse into the rarefied world of high-end real estate in key luxury markets across Canada.
Half of those markets are in BC: Vancouver, Victoria, Whistler, Sun Peaks and Salt Spring Island.
What are luxury buyers looking for? No surprises here. Location is ranked number 1, followed by easy access to an urban centre, top-ranked school districts, proximity to community amenities and stunning views.
In its forecast, Sotheby's International Realty Canada says Vancouver sales over $1 million were up 65 per cent over the first half of 2012, with 955 of 1,239 homes selling. It anticipates a strong fall market in Vancouver, and in Calgary, Toronto and Montreal as well. President and CEO Ross McCredie says, "In examining the performance of the high-end market, we feel confident that Canada's largest urban centres remain in exceptional positions heading into fall, with healthy market fundamentals from coast to coast."
Admittedly, $1 million is no big deal in Vancouver real estate. That's why the Top Tier Trends Report sets a different low-end luxury price for each market. Despite having the highest-priced real estate market in Canada, Vancouver doesn't have the highest entry-level price for luxury houses. Montreal does: $3.5 million compared to $2.8 million in Vancouver. Montreal also has the highest percentage of foreign investors: 49 per cent compared to Vancouver's 40 per cent.
Check out these infographics to see who's buying the most expensive single-family houses in BC, where, and for how much.
Vancouver luxury house market September 2013
Victoria luxury houses market, Sotheby's Top Tier report September 2013
Luxury homes Whistler BC 2013 Sotheby's Top Tier Report
Sun Peaks BC luxury houses, Sotheby's Top Tier Report September 2013
Luxury houses, Salt Spring Island BC, Sotheby's Top Tier Report September 2013
