The must-haves for a Vancouver home to be considered "luxury"

Apr 10 2023, 10:32 pm

A recent report on the Vancouver real estate market sheds some light on what homebuyers expect in a “luxury” home.

The report comes from RE/MAX and puts the spotlight on the luxury market across Canada. RE/MAX says that new listings in February of this year were down 40% year-over-year, with an “even tighter inventory of luxury homes for sale.”

The demand for luxury housing is the greatest on Vancouver’s Westside, from Oak Street to the university. In addition, RE/MAX highlights areas like Shaughnessy, Point Grey, Kerrisdale, and Marine Drive as the most sought-after.

The real estate agency also had some fascinating insights about what luxury homebuyers in Vancouver expect when it comes to the amenities and features of their home.

Party rooms and swimming pools

vancouver home luxury

4788 Belmont Avenue (Sutton Group-West Coast Realty Brokerage)

RE/MAX highlighted what buyers are seeking when looking at luxury properties, and some of the key wants include properties that offer views, are gated, or are well-treed, offering privacy.

Regarding the amenities of those homes, buyers are seeking “the usual bells and whistles,” which include gyms, wine cellars, theatre rooms, pools and outdoor weather-proofed kitchens.

It’s not just luxury detached homes but also condos that RE/MAX looked at for luxury properties.

For condos, there’s a growing demand for three-bedroom units. However, RE/MAX notes that these units are typically “exceptionally expensive, and few and far between.”

Desired amenities in luxury condos include party rooms, rooftop terraces and spacious fitness areas.

“Just 16 sales have taken place over $3 million in the attached segment between January and March ā€“ this, despite selling a $19 million condominium earlier in the quarter. Sixty-eight attached properties sold in the first quarter of 2022,” RE/MAX said in the report.

For a look at some of Vancouver’s most expensive luxury homes last year, click here.

Amir AliAmir Ali

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