Luxury Real Estate

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The market for luxury homes is now "insanely hot," with mainland Chinese buyers -- who are also affecting the Richmond market in a big way -- the primary purchasers, said Dan Scarrow, Macdonald Realty vice-president of corporate strategy.

"Ninety-per-cent (of the luxury home purchases) are on the west side, probably some in West Vancouver," he said in an interview. "But it's incredibly striking, when you think what the prices were 10 years ago."

Scarrow said that while a $3-million house has always been categorized as "luxury," he no longer knows if that's the case in key West Side neighbourhoods, including Shaughnessy and Point Grey.

"We're part of a global luxury market by the ultra-wealthy," he said. "And from the buyers' perspective, prices here are cheap for what you get.