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. During the summer months, luxury residential real estate sales over $4 million in the City of Vancouver fell 13 per cent to 49 sales in July and August, compared to the same period in 2023, according to Sotheby’s International Realty Canada. The firm’s Oct.
23 report found there were 12 luxury sales over $4 million in September, down 52 per cent from 25 properties sold during the same period last year. Factors behind the buyer's market 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 definitely have moved into or shifted to a buyer’s market,” he said.
“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. As a result of that, what happened is market sentiment in Vancouver has been somewhat dampened.
” In addition to concerns about crime and disorder, Kottick also pointed to political uncertainty at the provincial and federal levels as a factor in reduced demand for luxury homes. “Whenever there’s an election you never know what the impact is going t.
