According to a new report, Vancouver’s real estate market might begin to see luxury home prices drop as we move on to spring of next year.
Canadian real estate agency Royal Lepage said Thursday that the median Vancouver luxury home could be looking at a price decrease of nearly $180,000 by the beginning of 2019.
“Home prices in Canada’s luxury real estate market have remained remarkably resilient when you consider the economic headwinds that serial government interventions have created,” said Phil Soper, president and CEO of Royal LePage. “The resilience of home values reflects the strong aspirations of luxury buyers to reside and work in cities that are consistently ranked among the most desirable on the planet.”
Currently, sales in Greater Vancouver have gone “significantly down” according to Royal LePage, but luxury home prices continue to remain steady.