Vancouver luxury home sales market cools off

Average selling price in Vancouver down 9.8 per cent compared with a year ago at $735,315

 
Average selling price in Vancouver down 9.8 per cent compared with a year ago at $735,315, according to a recent report.
 

Average selling price in Vancouver down 9.8 per cent compared with a year ago at $735,315, according to a recent report.

Photograph by: File photo , THE RECORD

The demand for high-priced housing was strong in most Canadian markets in the first months of this year, with records set in 10 of the 16 markets it tracks.

 

Vancouver was one of the six markets where the luxury market has cooled off after an especially hot period last year but demand in Toronto remained high.

 

The price of luxury housing depends on the market, from a low of $500,000 in mid-sized cities such as St. John's, N.L., and Halifax to a high of $2 million in the Vancouver area.

 

In the case of Regina, which had the biggest increase in luxury sales this year, there was a 56 per cent more sales of at least $500,000.

 

In Canada's most expensive market, Vancouver, there was a 31 per cent decline from last year's peak with 393 luxury homes sold in the first quarter.

 

By contrast, Toronto's market has been hotter than last year, with 412 homes sold for at least $1.5 million each — a 49 per cent increase from early 2011.

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