Buyers’ market for luxury real estate in Vancouver
A new report further affirms Metro Vancouver’s luxury housing market’s recent transition into a buyers’ market.
The median price of a luxury house in the region fell by 1.7% year-over-year to $5.752 million over a 12-month period ending on January 31, 2019. The median price of luxury condominiums also dropped by 0.6% to $2.68 million over the same period.
Luxury home prices were steady leading up to September 2018, despite ongoing year-over-year low sales volumes. But beginning in September and into 2019, sellers who were no longer able to wait out the low demand began accepting reduced offers, effectively putting downward pressure on home prices. Luxury properties in Greater Vancouver are softening in price, but the lower-end luxury market is faring better than the upper end.