Photo: BIV Owners of luxury properties like this Point Grey home are often mortgage-free and very wealthy, resulting in price inelasticity. Sellers of luxury properties in Metro Vancouver are in no hurry to sell, resulting in fewer sales transactions as they wait for prospective buyers to meet their desired prices. Sales of luxury properties decreased 38.
8 per cent in the first eight months of 2024 compared to the same period in 2023, while prices fell just 1.8 per cent, according to the 2024 Royal LePage Carriage Trade Luxury Market Report released on Thursday. “Buyers are .
.. waiting for that perfect property and are hopeful that sellers will reduce their expectations, but we just continue to see that sellers are holding strong and not really willing to move on their price,” said Jesse Dean Cook, a sales representative with Royal LePage Sussex.
There are few distressed sellers in this property segment, and buyers are waiting to time the bottom of interest rates, resulting in fewer deals for properties like waterfront mansions in West Vancouver, opulent estates in Whistler and downtown penthouses with multiple floors and 360-degree views. Cook said these types of properties are relatively scarce, and their current owners are often mortgage-free and very wealthy, resulting in price inelasticity. “A lot of these [sellers] don’t have mortgages, they are incredibly wealthy and have properties and investments all around the world,” he said.
“A lot of buyers are hopefu.