BuzzBuzzHome Corp.
March 15, 2011

In 2010 a record 375 homes, including almost 50 condos, were sold for more than $3 million in Vancouver, reported the Vancouver Sun yesterday.

According to the same figures – MLS statistics provided by Macdonald Realty – 73 of those homes sold for more than $5 million.

The priciest home? That’s it above, at 3489 Osler Street in the posh Shaughnessy Park neighbourhood.

For some context, in 2000, only 10 properties in Metro Vancouver sold for more than $3 million – and none of them were condominiums. The difference? In large part, an influx of serious capital from mainland China, says Dan Scarrow of Macdonald Realty. Tsur Somerville, also quoted by the Sun, agrees: “Clearly, there’s a very targeted demand for higher-end properties that many associate with the mainland Chinese market.”

This house, also on Osler Street, went for just over $11 million

Scarrow, for his part, isn’t even sure that $3 million necessarily means you’re buying any rights to what might been considered an exclusive echelon. “We’re part of a global luxury market by the ultra-wealthy. And from the buyers’ perspective, prices here are cheap for what you get.”

49 condos sold for more than $3 million, including 7 for more than $5 million. The priciest buildings according to the numbers? Two Harbour Green, 1139 West Cordova, and the Shangri-La.

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