If you want to lead a luxurious lifestyle and can afford to do so, Vancouver is the place for you.
Not only in Canada but Vancouver is the world's most expensive place to buy a home. According to The Real Estate Board of Greater Vancouver, a detached house in Metro Vancouver has an average price of $1.2 million, hitting a 22% increase from 2014. Last year, the it saw a 46% increase in residential sale, which is considerably higher than the 10-year average. With the lack of home supply, it can be expected that the price increase will continue, Global Dispatch reports.
Meanwhile, according to Sothebys, as reported by CKNW News, the highest growth in the real estate market of Vancouver, based on a survey, was reported in homes priced at more than $4 million. These homes were sold at 67 percent more last year if it will be compared to the year before.
However, most activities still come from detached homes selling above $1 million. In fact, last year, about 3,450 units were sold in Vancouver.
Next to Vancouver, Toronto is no lagging behind. Last year in Toronto alone, sales rose 9.2 per cent over the previous year to hit a record 101,299, CBC New Canada reports.
Toronto Real Estate Board president Mark McLean said in a statement, "If the market had benefited from more listings, the 2015 sales total would have been greater. As it stands, we begin 2016 with a substantial amount of pent-up demand."
CBC News adds that high demand pushed the average resale-selling price for the entire year in the Greater Toronto Area to $622,217 - up 9.8 per cent from the year before. Meanwhile, in the city, the average selling price for all real estate types was $659,270 and for detached houses, the average selling price in the city hit $1,039,658 last month, up 11.8 per cent in a year.
