Metro Vancouver's high end housing market have surged 35% higher defying the predictions of a slowdown after Ottawa close down the immigrant investor program in February.
572 Properties in Metro Vancouver with at least a price tag of $3M and more range were sold in the first 8 months, this includes 135 homes in the $5 Million and more according to Macdonald Realty Group statistics, compare to 422 properties ($3M or higher range) in the first 8 months of 2013 and including 112 homes that were in the $5 Million range.
$3 MIllion is the new $1 Million now in the real estate cirlcles on the West Coast since 55% of detached homes are now in the $1 Million or greater based on their assessment by the city of Vancouver Andrew Yan. About 37,800 properties made it to the Million-dollar club last year.
Transaction of at least $3 Million homes are headed towards a new annual high as per Dan Scarrow of Macdonald Realty, which contrary to expectations that some rich Chinese immigrants would avoid investing here due to scrapping of the federal immigrant investor program. " There is confidence in the Vancouver real estate market. Peole within the market itself are trading and there is also money flowing from the outside" Mr Scarrow said in the interview.