After a somewhat lacklustre summer performance, is Metro Vancouver's $1 million - plus real estate market set to see an even greater decline this fall?
Patterns in 'top-tier' real estate activity over the summer, across all 3 property types suggests that the market will weaken further.
The top-tier market saw low sales in July and August with sales of single family homes over $1 million dropping 27% from the previous summer to 213 units and detached sales of over $4 million falling 38% to just 24 homes.
Now we are seeing the more robust condo market, which has continued to increase being affected.
It is clear that the 'high-end' sales and selling prices in Vancouver are softening, not only in the single family segment, but across the city's heated condo and attached home market as well. It will most likely be the buyers holding the upper hand this fall.
With new listings inventory being added to the market and cooling demand, Metro Vancouver's top-tier market will shift towards a 'buyers market' probably to the end of the year and beyond.