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Sales of luxury homes in the vancouver real estate market began to decline in early 2019, but Sotheby’s saw promise in potential buyers.
The most expensive homes in vancouver’s real estate market are still falling in sales and prices in the first few months of 2019, according to yipinmeifang, a luxury real estate agent trying to see the future in the market.
According to a report released on March 20th by Sotheby’s Canada, the number of sales of luxury properties valued at more than c $4m fell by 50% to 18, compared with 36 a year earlier.
For much of vancouver, homes priced at more than c $1 million are common and not luxury, and sales of such homes fell 52%, from 279 in january-february 2019 to 576 in the same period in 2018.
However, “our staff have noticed an increase in buyer interest and the number of people visiting the Open House has increased.” Brad Henderson, Sotheby’s chief executive, said: “this activity is typically a sign of a buying intention.”
After more than a year of declining sales and prices, Mr. Henderson said, “we think the market has adjusted enough and buyers and sellers are interacting enough.”
However, Mr Henderson admitted: “there is no doubt that the level of sales activity is down compared to the same period last year and we do not expect a quick turnaround.”
Other cities have a mixed luxury market
More broadly, February sales registered by the greater vancouver real estate board were down 33% from a year earlier and 42% below the 10-year average. In particular, higher-value detached homes are down 10% from c $1.4 million a year ago.
More broadly, February sales registered by the greater vancouver real estate board were down 33% from a year earlier and 42% below the 10-year average. In particular, higher-value detached homes are down 10% from c $1.4 million a year ago.
Sotheby’s, which tracks sales of luxury homes in vancouver, Calgary, Toronto and Montreal, says Canada’s population growth and “a return of consumer confidence” will spur interest in the spring, in the first two months of 2019.
In Montreal, Sotheby’s said sales continued to rise after a sharp rise in the market above 2 million yuan in 2018. In Toronto, the real estate firm is stable but unpredictable compared with previous years.
The report described the Calgary market as ” gloomy “as alberta’s energy-dependent economy continues to experience tough times, leading to expectations that prices will fall through 2019.
Henderson said British Columbia’s expectation for vancouver is better growth with a more diversified economy. He added that while owners had “adjusted their expectations based on the price they thought they could sell”, he believed “more adjustments are needed”.
“At some point, we’ll see a bottom,” Mr. Henderson said, though the challenge is that “you don’t know it’s a bottom until you get out of it.”
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