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Vancouver’s $1M-plus home market to see gradual recovery: forecast

By Joannah Connolly for Vancouver Courier

Vancouver’s $1 million-plus home market is set to see a gradual recovery from this fall, according to a September 25 forecast from Sotheby’s International Realty Canada.

The brokerage said that the signs are there that the city’s housing market is already on the rebound, pointing to board statistics that Greater Vancouver sales increased 23.5 per cent and 15.7 per cent year-over-year in July and August respectively.

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In the city of Vancouver proper, home sales over $1 million (all property types) in July and August increased 25 per cent from 2018 levels to 564 properties sold. Sotheby’s described this as “a significant turnaround from the 33 per cent year-over-year decrease in sales over $1 million experienced in the first half of 2019.”

The report added, “The renewal of top-tier sales is largely taking place in the market for housing under $2 million; sales [in July and August] between $1 million and $2 million increased 30 per cent [year over year] to 411 properties, while sales between $2 million and $4 million increased 26 per cent to 132 units.”

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