HousingCondosVancouver luxury condo market reaches new highs, while single family home sales...

Vancouver luxury condo market reaches new highs, while single family home sales fall

Related stories

Georgian Towers 2.0 gets 3D redesign

Plans to demolish one of the oldest apartment buildings...

The best regions to live in Canada

If you’re looking to move to Canada but unsure where’s best to live, this handy guide to the best regions to live in will help you.

Six single-family lots on West 41st to become 88 new homes

The development, known as The Bromley, will consist of two, four-storey wood frame buildings on West 41st Avenue and two townhouse blocks on the laneway, with a landscaped courtyard in between them.

Reliance adds hotel rooms to workforce housing tower in bid for city approval

The CEO of Reliance Properties continues to push the City of Vancouver to relax its policy prohibiting residential development in the CBD.

Vancouver retail vacancy rates hit ‘extreme lows’

Despite taking a battering during the height of the COVID-19 pandemic, Vancouver retail vacancies are at extreme lows according to a new report from Colliers International.

A new report from Sotheby’s International Realty Canada shows that Vancouver’s single family home market above $1 million is seeing a significant pullback in activity, while sales of luxury condominiums are up.

The report cites the B.C. provincial government’s 30-point housing affordability plan for a 36 per cent drop year-over-year in single family home sales over $1 million in Vancouver. At the same time, sales of single family homes over $4 million fell a staggering 55 per cent year-over-year.

Sotheby’s says the combination of provincial government policies, tighter mortgage lending rules and rising interest rates are eroding the purchasing power of buyers in Vancouver—and pushing them to the luxury condominium market, where sales are up.

Even compared to 2017’s record highs, sales of Vancouver condominiums over $1 million are up nine per cent year-over-year in the first half of 2018, while sales of luxury condominiums over $4 million in Vancouver are up 35 per cent for the same time period.

Sotheby’s says prices are beginning to adjust in the “top-tier” single family home market, with price reductions and re-listings below original asking price becoming commonplace.

Declining single family home sales were not unique to Vancouver; the Sotheby’s report noted that rising mortgage rates and tighter mortgage rules weighed heavily on sales of $1 million-plus homes in Vancouver, Calgary and Toronto. Montreal was the only major Canadian city to see gains in sales over $1 million — with a 24 per cent increase in the first half of 2018.

Average sold price of condos in Vancouver neighbourhoods

(Jan 1, 2018-June 30, 2018)

  • Coal Harbour: $2,324,083
  • Kerrisdale: $1,309,151
  • Point Grey/UBC: $1,084,126
  • Shaughnessy: $524,000
  • Yaletown: $1,197,938

Subscribe for the latest development news

Peter Meiszner
Peter Meisznerhttps://www.peterforvancouver.com/
📢 I am running for Vancouver City Council with A Better City (ABC) and Ken Sim! Visit peterforvancouver.com for more information.
Snaile Smart Parcel Lockers


Latest stories