Here in Vancouver a ‘luxury home’ is one that costs more than 3 million and looks like a $300k house in Tampa. And that’s just the market segment that is set to soar this year.
The 2010 total has already been surpassed, with 384 homes over the $3-million price point sold so far in 2011, according to Macdonald Realty.
There have also been 66 homes over $5 million sold so far, and a predicted 132 over$5 million by the end of the year.
A total of 40 condos over $3 million have so far been sold, including seven over$5 million.
However, the trend partly reflects price increases that have pushed previously cheaper homes over the $3-million luxury home threshold.
The trend is your friend, get in now while prices are going up.