Despite the continued momentum of top-tier home sales across Canada, Vancouver's luxury housing market faltered in the first half of 2012, according to a report released today by Sotheby's International Realty Canada.
The bi-annual report examined the number of million-dollar-plus residential properties sold from January to June 2011 and 2012 in Vancouver, Calgary, Toronto and Montreal. The report compared the sales volume, number of days on market, inventory of listings and percentage of homes sold over the asking price.
Nationwide, home sales over $1 million showed a steady upward trend in the first half of the year, with Toronto, Calgary and Montreal all reporting double-digit sales growth in homes over $1 million.
In Vancouver, the 2011 to 2012 comparison of properties over $1 million, showed that the city's million-dollar listings experienced a similar correction to conventional properties in the area.
In the first half of 2011, 1,996 million-dollar-plus properties were reported sold in Vancouver. The latest 2012 data shows a 35% decrease, with 1,291 properties sold for the same period.
Vancouver's inventory of properties asking $1 million or more rose 11% in 2012, increasing from 3,518 in 2011 to 3,913 in 2012.
Toronto topped the list, reporting the largest growth (29%) in the high-end real estate segment in the country.
