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Vancouver’s Luxury Condo Sales Hit a Record High in 2016

by Maggie Chandler

Vancouver’s Luxury Condo Sales Hit a Record High in 2016

by Maggie Chandler

by Maggie Chandler

Vancouver Luxury condo sales (over $3M) hit a record high in 2016 at 100, compared to 69 for 2015.

2015 had 13 sales over $5M. The most expensive was the Penthouse at 1480 Howe Street – Vancouver House pre-sale  – which sold for $8.8M for 3,252sf. The top floor in this condo building which is due for completion in 2019 is one of many top floor suites. It is a three bedroom with amazing outdoor space totalling 2,300sf. The list price was $9.488.000. Average sale price was $4.3M and it took an average of 52 days for these luxury condos to sell.

2016 had 28 sales over $5M, The average sale price of $4.650.000 and it took an average of 57 days for these luxury condos to sell.  80 of the 100  sales over $3M last year occurred before July 31st. The most expensive sale was $16.6M for 6,000sf Penthouse at Two Harbour Green on Coal Harbour’s waterfront – 1139 W. Cordova. Imagine the stunning water and mountain views!

What neighbourhoods had the most luxury condo sales? In 2016, 50 of them were in Coal Harbour and 18 in Yaletown, 10 in the West End, 10 in Downtown, 6 in False Creek and 2 in Fairview and 2 in Kerrisdale

Currently there are 36 listings for West Side condos over $3M. How will the foreign buyer’s tax effect this market? Least expensive is 1051sf 2 bedroom on 58th floor at Trump Tower listed at $3M. Most expensive is 3900sf at Kings Landing, 428 Beach Ave., listed at $8.9M. It’s been on the market for 477 days!.

In 2001 there was only one West Side condo which sold over $3M – a Penthouse on Bayshore Drive. Between January 2002 and December 2005 there were 22 sales on MLS.

Back in the Winter Olympics Year of 2010 there were only 36 Vancouver West Side condos that sold over $3M and only six sales over $5M. Average sale price was $3.985.000, with an average days on the market of 85, versus 57 for the sales in 2016.

  • 2010 had 36 sales, average sale price $3.985.000
  • 2011 had 49 sales
  • 2012 had 34 sales
  • 2013 had 42 sales
  • 2014 had 39 sales
  • 2015 had 69 sales
  • 2016 had 100 sales, average sale price $4,650,000

Have a Vancouver condo question? Put my decades of hyper-local knowledge to work for you! Call Maggie 604-328-0077

 

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