, volatile financial markets, and geo-political headwinds. As a result, “many remain watchful from the sidelines,” says Sotheby’s.
Meanwhile, in the equally as pricey Vancouver market, sales activity in the luxury market also cooled in the third quarter of the year as prospective sellers and buyers paused in anticipation of further market adjustments and as available luxury real estate became scarce. Luxury sales over $4M continued to recede from historic highs, with 51% year-over-year decline in July and August, with two properties selling over $10M on MLS compared to one sold in the summer months of last year.
One Calgary property sold over $4M over the summer, on par with the number of sales above this price point in the summer of 2021.
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