Sales of luxury homes are declining in Vancouver, creating a unique window for buyers to capitalize on a market defined by transitory interest rates, political uncertainty and growing inventory, says a new report.
Factors include the high cost of living, public safety concerns, the uncertain political climate and a greater willingness by sellers to negotiate, said the brokerage’s president and CEO, Don Kottick.“We’re definitely seeing some softer sales. A lot of it has to do with challenges related to high housing prices, the high cost of living, and then there’s some of the recent outbursts with safety concerns.
He also highlighted the federal government’s ban on foreign buyers until 2027, which has resulted in almost all buyers being local, with very little interprovincial migration. “At some point, the market is going to be re-engaged. Rates have come down substantially and some people will think there is an opportunity in the market before we start to see things moving the other way. … People could sense that there could be unique opportunities for buyers and investors to capitalize on where we are in the current market.”