Following a lacklustre summer performance, Metro Vancouver’s $1 million-plus real estate market is set to see even greater declines this fall, according to a Sotheby’s forecast released September 26.
The luxury real estate brokerage said that the patterns in “top-tier” real estate activity over the summer, across all three property types, suggested the market was weakening further.
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The report said that all of the top-tier market saw low sales in July and August. Sales of single family homes over $1 million dropped 27 per cent from the previous summer to 213 units, and detached sales over $4 million fell 38 per cent to 24 homes.
Sotheby’s said that even the more robust condo market, which has continued to see increasing prices, will be affected. The report stated, “The top-tier condominium market, which had remained resilient in the first half of 2018 with nine per cent year-over-year gains to 708 units sold over $1 million, waned over the summer months. Condominiums over $1 million saw sales volume fall 21 per cent in July and August to 162 units sold.