Luxury Market in West Vancouver
Along with many other markets, The West Vancouver real estate Market set records for an amazing first quarter sales Exquisite sales soared in the first quarter of 2010 as affluent purchasers moved to capitalize on encouraging West Vancouver real estate market conditions across the country, according to a report released by REMAX Vancouver.
The RE/MAX Upper End 2010 Report, highlighting sales and trends in 13 major Canadian centres (including West Vancouver real estate) and five submarkets, found that improved economic performance, increase d personal wealth, immigration and foreign investment all caused to a serious uplift in sales. near all areas experienced 2X and 3X increases between January and March of this year over 2009 figures for the exact same period. Nine out of the 13 real estate markets (including West Vancouver real estate market) examined (69 per cent) broke existing records – setting new all-time highs for first period this year so far action in the upper end.
Recovery in the upper end Edit this text has been nothing abruptly of remarkable. This market segment of the real estate market was hardest hit – and as a West Vancouver Realtor, I agree – West Vancouver real estate was no exception.
When the recession took hold, West Vancouver real estate really took a low, —y et its comeback has been fast and furious. There is no doubt that mindset has changed and trust has returned. One only has to look at the percentage increases in the West Vancouver real estate market to see the curren tremendous improvement.
While comparisons are being made to one of the worst first quarters on record– you can clearly see that the
bounce back in many areas – including West Vancouver, Victoria– is hugely higher than record levels reported in years past. Leading in terms of percentage increase in sales is Kelowna recreational market( 700 per cent), Montreal (300 %), Victoria ( 275 per cent), Greater Toronto (263 %), West Vancouver real estate (184 per cent)..
Real estate continue s to resonate with investors at every price point. With the high end of the real estate market shifting into high gear, every portion of the residential real estate sector is now operating in tandem.Despite the upward impulse, there are yet deals to be had– especially at the high end market points—a fact that is motivating affuent buyers to snag those properties- Especially in West Vancouver real estate
High levels of economic activities have been a major incentive, boosting consumer strength levels across the board. The
tangibility of bricks and mortar has also played a role in record activity – a development that began in 2008 as
affluent purchasers reduced their exposure to equities and shifted their earnings into real estate holdings. Recovering stock markets– and portfolios– in the months ahead will farther contribute to Canadian market activity.
Luxury sales as a percentage of the market have been steadily increasing in recent years – with the exception of 2009. With the increase in economy levels, it’s believed that the amount of high net worth individuals will begin to increase, following two years of consecutive go down. This will follow to aid prop up Canada’s luxury market going forward.
Heavy migration and alien have also had an impact on the luxury Vancouver real estate– and in some property markets, seriously bolstered sales – much like in West Vancouver real estate. Arab investors, Hong Kong investors, and Europeans—to a lesser extent— purchased in every market across the country. Canada’s sound banking system, political strength, and strong dollar are attracting foreign investment– and that is splashing over into high end residential real estate. Most active in 2010 were business ceos, self employed, and professionals
Location was first and maiden among upper-end buyers, followed by a preference for newer homes or those that are turn-key (completely renovated). With the exception of Toronto, purchasers could be relatively particular and take their time in devising decisions as balanced conditions characterised markets across the board.
Given adequate supply, prices are likely to hold steady or experience abase increases in the majority of markets in 2010. Canada’s most expensive luxury markets are shared equally among East and West, with West Vancouver real estate topping the first price point for top-end homes at $2 million, followed by $1.5 million in Greater Toronto and Montreal (Island). Upper-end value markets were most abundant in Atlantic Canada and smaller centres in Ontario, where luxury home prices started at $400,000 in St. John’s, $450,000 in Halifax-Dartmouth, $500,000 in London St. Thomas, and $750,000 in Ottawa and Hamilton-Burlington. Winnipeg and Edmonton represented good value in the West at $500,000 and $850,000 respectively.
West Vancouver real estate holds high the claim?for the most valuable home sold through MLS in the 1st quarter. The property— an 11,600 sq. ft. house on three quarter of an acre on the city’s West Vancouver side, changed hands for $10 million. Other noteworthy sales include: Just above Seven Million and a quarter in the Greater Toronto suburb of Mississauga, $6.25 million in Toronto’s central core, $5.75 million in Calgary, $5.5 million in Montreal (Island), and $5.3 million in White Rock/South Surrey. The most valuable MLS listings could be found in West Vancouver real estate market ($29.9 million), Greater Toronto ($23 million in Bridle Path), Vancouver Westside’s Shaughnessy area ($22 million) and Victoria ($19 million).