Vancouver’s luxury market is being reshaped by new buyer sentiments and economic factors like high housing prices and low supply.
“Whether it was Toronto, Montreal, Vancouver, we saw strong a July and August and then somewhat of a pullback in September, but probably more pronounced in Vancouver than in any other market,” said Don Kottick, president and CEO of Sotheby’s International Realty Canada. Luxury buyers in Vancouver have shifted their preference towards single-family homes, with this property type accounting for 89 per cent of the 55 properties sold between July 1 and Aug. 31 at over $4 million, according to the Sotheby’s report.There were four single-family homes sold for over $10 million during this period compared with two sold in the summer of 2022.“Single-family homes are really driving the luxury market, specifically in the third quarter.
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