Canadian luxury property breaks records in 2021: Sotheby’s

Canadian brokerage records for sales of luxury homes in 2021 (Sotheby's International Realty Canada)

The Canadian record for luxury real estate on a single plot was broken in Vancouver in 2021. (Sotheby’s International Realty Canada)

The fights for first-time Canadians Home buyers are well documented, but according to a new report, even well-heeled buyers are competing in booming luxury real estate markets.

Sotheby’s International Realty Canada says the country’s largest markets broke records in 2021, led by the Greater Toronto Area.

It found that $ 805 4 million plus residential properties (condominiums, attached and single-family homes) were sold. That’s a 224 percent increase from 2020. Moving up the ladder to homes over $ 10 million, 31 properties were sold for a jump of 238 percent.

“There has been a transformative change in Canadians’ perception of the importance of their home as an investment in lifestyle and pleasure, physical sanctuary and security, as well as financial stability and generational wealth,” said Don Kottick, president and CEO of Sotheby’s International. Realty Canada, in a release.

“In the luxury real estate market, one of the lasting impacts of the pandemic has been the rise in standards of what constitutes ‘luxury.’

Kottick says these high expectations have led to a competitive luxury market.

Sotheby’s International Realty Canada says sellers continued to look at exclusive sales and marketing platforms that protected their privacy.

Also see: The latest real estate news on home prices, mortgages, markets, luxury real estate and more at Yahoo Finance Canada.

In Vancouver, $ 410 million was sold plus $ 4 million plus housing, up 171 percent year-over-year. Meanwhile, 24 properties over $ 10 million were sold for a 218 percent increase over 2020. the highest single-family home sale on a single plot.

Montreal also had a record-breaking 2021 for $ 4 million homes, with 41 properties changing hands to a 171 percent increase. Two properties sold for over $ 10 million, inclusive highest priced residential property sales through the Multiple Listing Service system in Quebec’s history.

A renewed energy sector helped Calgary report four sales of luxury properties in the segment over $ 4 million, twice as many as in 2020. No homes over $ 10 million were sold.

Kottick says local demand was the main driver in 2021, as low interest rates, savings stocks and stock market anxiety encouraged real estate diversification. However, he also says that there has been a gradual increase in the number of international inquiries.

Jessy Bains is a Senior Reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.

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