In the hot Vancouver housing market, luxury and high-end homes have shown moderation to trending lower. The current reporting period which measures over the last twelve months demonstrates price decreases among this cohort of homes. This is not necessarily bad news according to industry experts which see this decline as a trend towards market stabilization and a good thing for wealthy Canadians whom this decline affects the most. The market is characterized by home prices in the millions of dollars.
- There is growing market confidence among wealthy Canadians, and this should bring stability to the housing market this year.
- Although prices are not increasing, there is market confidence between buyers and sellers that should help improve the market in the long-term.
- There is healthy demand for luxury homes, and higher-end homes are expected to see their prices stabilize as well in the future.
“Royal LePage projected that the median price of a luxury house will go down by 2% annually to $5,287,000. The median price of luxury condo units will also drop by 1.5% to $2,376,000.”