Vancouver luxury home sales fall in first quarter of 2018
Sales of residential properties of all types have dropped more than a quarter last month, year on year, according to the Real Estate Board of Greater Vancouver
After several consecutive years of skyrocketing residential property values, the prices of luxury houses are starting to cool in Vancouver, Canada’s west coast.
New figures by real estate firm Royal LePage showed that during the first quarter of 2018, sales of detached luxury homes decreased 38.2 per cent compared to the same period in 2017, while sales of luxury condos decreased 26.5 per cent.
In that same period, the median price of a luxury detached home in Greater Vancouver rose 5.2 per cent year on year to C$5.79 million (US$4.53 million), while the median price of a luxury condominium rose seven per cent year on year to C$2.5 million during the same period.
However, price changes tended to lag changes to sales volume, and Royal LePage predicted that by spring 2019, the median price of a luxury detached home in Greater Vancouver would fall by three per cent to C$5.62 million year on year.
Luxury condominiums were forecast to increase by two per cent to C$2.55 million during the same period, the report said.
However, Royal LePage realtor Brock Smeaton said the market was more turbulent than the numbers suggested.