According to the latest Economist Intelligence Unit’s (EIU) liveability survey, Vancouver is still one of the best cities to live in for North Americans. British Columbia’s largest city got perfect or near-perfect marks on important factors such as education, healthcare, environment and even culture. Naturally, the high standard of living comes with hefty home prices, though this hasn’t stopped people from buying housesâ€”especially luxury real estate in Vancouver. As this article from Yahoo.com reports:
“A new survey of Canada’s high-end housing market shows sales skyrocketed last year, with more than two-thirds of major markets setting new records.
According to the RE/MAX Upper End Report, 75 per cent of the 16 markets surveyed saw sales increases over the past year and eight of them posted double-digit gains.
Vancouver, the country’s most expensive market, led the market with a 36-per-cent jump in high-end sales. It was also home to the most-expensive sale of the year, which was a three-bedroom, two-level condo valued at about $25-million.
Greater Vancouver also experienced the largest bounce back in sales, with luxury homes posting the second highest year on record, which was 1,690 properties each valued at more than $2 million, RE/MAX says.”
A piece from CBCNews.com corroborates these figures, saying that real estate sales as a whole are on the rise in the West Coast city. Metro Vancouver, for one, saw a 14% hike in home sales, ending the year with 28,524 properties sold. Home prices have also seen a bumpâ€”a single detached family home now sells for about $927,000, while condo units lie at an average of $367,800.
Experts say that the boom in Vancouver luxury real estate sale is spurred by low interest rates, though it doesn’t hurt that the city is one of the wealthiest areas in Canada. According to Environ Analytics, the average net worth of Vancouver households is an impressive $612,000.
Of course, just because wealthy residents have the money, does not mean that buying a home is any easier. After all, most well-to-do people are busy entrepreneurs whose jet set lifestyle prevents them from going to open houses and doing the paperwork involved in home sales. Fortunately, established firms like Vancouver Canada Homes specialize in luxury home sales and can help clients find the perfect property that matches their own unique tastes.
(Source: Canada’s luxury real estate market on fire with double-digit gains, Yahoo! Finance Canada, January 29, 2014)