Greater Vancouver's luxury real estate market is softening, report shows

Posted by Michael La Prairie on Thursday, May 10th, 2018 at 9:25am.

Spring sales in the Greater Vancouver area's luxury real estate market are down but prices continued
to climb, according to a new report.

Greater Vancouver's  real estate market

Sales activity in the region decreased in the first quarter of 2018: the sales of detached luxury homes
decreased by 38.2 per cent compared to 2017 and the sales of luxury condominiums decreased by
26.5 per cent, the study by real estate company Royal LePage said.

Despite this decrease in sales, the report noted there were still price gains.

The median price of a detached luxury home in Greater Vancouver rose 5.2 per cent to $5,792,941 and the
median price of a luxury condominium rose seven per cent to $2,503,873.

Phil Soper, president and CEO of Royal LePage, said prices have only remained high because of momentum
carried over from 2017 and they will likely fall this year.

"In light of recently announced provincial tax policies to both foreign and domestic buyers purchasing homes
in the Vancouver region, price appreciation in the luxury market is expected to decline in 2018 while sales volumes
are expected to continue to be lower than recent norms."


Continue reading Greater Vancouver's luxury real estate market is softening, report shows on CBC wesbite

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