In Canada’s biggest cities, 2021 marked an outstanding year for high-end home sales, reporting triple-digit levels of sales growth from coast to coast.

A new report published by Sotheby’s International Realty Canada this week stated that luxury real estate sales in the country’s major metropolitan markets broke consecutive records throughout the year. Pandemic-influenced demand, coupled with rising confidence in the economy, pushed prices up and drove available home inventory down in 2021.

“Canada’s real estate market was redefined in 2021,” said Don Kottick, president and CEO of Sotheby’s International Realty Canada, in the report. “There has been a transformative change in Canadians’ perceptions of the importance of their homes as an investment in lifestyle and pleasure, physical sanctuary and security, as well as financial stability and generational wealth.”

Vancouver homes sales over $1 million jump 145 per cent yearly

In Vancouver, luxury residential real estate sales over $4 million surged 171 per cent yearly, as 410 condos, attached and single-family homes were sold in 2021. Twenty-four properties sold over the $10 million mark on MLS last year, up 218 per cent from 2020 when just 11 properties sold in this same price category. Overall, sales above $1 million rose 145 per cent annually as 5,794 properties exchanged hands in 2021 within the City of Vancouver.

In the first half of the year, 40 per cent of luxury homes sold over asking price. In the second part of 2021 between July 1st and December 31st, the number of properties going for over asking dropped to 29 per cent.

Demand specifically for single-family Vancouver homes continued to rebound in 2021. Sales over $4 million jumped 172 per cent year-over-year as 362 properties were sold. Meanwhile, luxury sales for single-family residences priced over $10 million grew 240 per cent to 24 homes sold last year.

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