The latest report on luxury real estate in Vancouver suggests the only housing type seeing an increase in sales so far this year is condominiums.
According to data from Sotheby’s International Realty, the number of condos sold for more than $1 million was up nearly 30 per cent in the first quarter, when compared to the same period in 2021.
Nearly as many condos in that category were sold as $1-million-plus houses, and when taking into account the cost of detached homes in Vancouver, it shows an increased interest in luxury properties.
According to Sotheby’s, 559 condos sold between January and the end of March in the region, compared to 599 houses.
A single-family home purchased for around the million-dollar mark may not be much in the city, but a million-dollar condo is still somewhat impressive, whether in terms of location or amenities.
Here’s a quick look at what a luxury real estate budget can buy in the city – whether that’s $1 million or $50 million – based on hundreds of listings posted on Realtor.ca. Given supply issues noted in most areas of the region’s real estate market, it’s possible that the listing prices are a ways off what condos are actually selling for.
Coming in at $1.009 million, this one-bedroom, one-bathroom downtown condo is actually priced a bit below the average cost of a residence in the province, if including all housing types.
The listing boasts engineered hardwood, over-height doors and windows, expensive appliances and a large outdoor space, as well as “spectacular views.”
Listed at $1.02 million, the condo in Vancouver’s West Side is in a 55+ building, and comes with a den, high ceilings and lots of windows, as well as a patio. Residents of the building have access to an oxygenated infrared sauna, hydrotherapy tub, theatre and rooftop patio, as well as what the listing agents call an “Asian & Western style restaurant.”
A buyer willing to pay an extra $9,000 could find themselves in a two-bedroom-plus-den unit with views of Stanley Park, English Bay and the North Shore Mountains.
The seller is asking $1.028 million for the apartment in a building that allows pets and rentals, and includes access to a gym, sauna and guest suite.
Spending around $1 million buys less in some neighbourhoods than others. There were few options in the Kitsilano area over that mark, but this two-bedroom-plus-den on West 4th Avenue can be had for $1.099 million.
While it does have new floors and baseboard heaters, as well as four parking stalls, it does not appear to have been recently renovated beyond that. The kitchen and fireplace in the 1990s condo appear dated, if not original, as does the décor in the bathrooms.
The price tag seems mostly to be tied to the proximity to Kits Beach and the neighbourhood, rather than the unit itself.
Further south, a buyer willing to spend $2.78 million could find themselves on a patio overlooking the Fraser River.
This just-built penthouse condo has three bedrooms, three full bathrooms and a powder room, as well as a “gourmet chef kitchen,” high ceilings, two parking stalls and two storage lockers.
Expanding the budget again to above $4 million yields fewer options, but more luxurious accommodations.
One of the homes in that category is this penthouse located near the University of British Columbia, listed at $4.298 million.
The private rooftop terrace alone is larger than many condos at 1,122 square feet, and it comes with walk-in closets, a “European gourmet kitchen,” and high-end appliances.
Those willing to spend more than $10 million only have eight options on Realtor.ca, nearly all of which are downtown.
The listing boasts “thoughtfully laid out floor plans” as well as panoramic views of the city, high-end appliances and finishes and a dressing room that realtors claim feels “like your own private boutique.” It too has a large rooftop terrace, this one including an outdoor kitchen, fire pit, hot tub and elevator.
The condo is listed at $12.88 million.
And someone with a lot of cash to spare could move into this penthouse condo in Coal Harbour, listed at $36.9 million.
Situated at the top of the Fairmont Pacific Rim hotel, the four-bedroom condo boasts, as described by the listing, “endless postcard views of the water, mountains and city.”
It has two floors, “soaring” ceilings, a private rooftop deck, a gym and yoga room, a built-in entertainment centre and more.
The interior of a penthouse that realtors say is Canada’s most expensive condo listing is pictured. (Provided)
Listed at $49 million, the oceanfront two-floor penthouse is the largest condo in Western Canada, and includes four bedrooms, five bathrooms, sweeping views and two rooftop terraces.
All photos from Realtor.ca unless otherwise noted.
OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.
The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.
On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.
CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”
The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.
The number of newly listed properties was up 1.1 per cent month-over-month.
This report by The Canadian Press was first published Sept. 16, 2024.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
