The median prices of luxury homes in Greater Vancouver decreased by 6.7% year-over-year to $5,394,594 during the twelve-month period ending January 31, 2020. There was also a deacrese of 4.4% in Luxury apartment-style condominiums to $2,411,773.
Greater Vancouver luxury homes were showing year-over-year declines in median prices for both houses and condominiums over the twelve-month period. Since October 2019, a significant boost in luxury unit sales were observed and this is moving the market towards stabilization.
The median price of a luxury house in Greater Vancouver decreased 1.3% year-over-year, while the median price of a condominium was relatively flat, posting a 0.2% year-over-year increase from October 1, 2019 to January 31, 2020.
"Vancouver's residential real estate market is shifting towards a balanced market and this trend has been moving upward through the luxury market," said Jason Soprovich, Royal LePage Sussex. "There is healthy demand for homes priced between $3 to $5 million and this segment is starting to stabilize. It will take more time for the upper-end segment to move into a balanced market but it is expected."
A 2.0% decrease is expected in the median price of a luxury house year-over-year to $5,287,000 while the median price of a luxury condominium is expected to decrease 1.5% to $2,376,000.
“It is crucial for sellers to have the right strategy before entering the market,” said Soprovich. “To be competitive, sellers need a good marketing strategy from the start or they risk missing opportunities or, if they overprice the property, they could lose credibility.”
According to Soprovich, exceptional opportunities for buyers remain in West Vancouver and Vancouver West.