Luxury real estate in Vancouver: 559 buyers bought condos worth more than $1M this spring
CTV
Even the luxury real estate market is being impacted by a supply shortage in Vancouver, a report on sales in the first quarter suggests.
Even the luxury real estate market is being impacted by a supply shortage in Vancouver, a report on sales in the first quarter suggests.
Sales of most property types in the luxury category of more than $1 million were down, year-over-year, as buyers felt the frustration those spending less are also dealing with.
A shortage of supply has been blamed for rising costs of all home types at all values, and that doesn't exclude multimillion-dollar housing.
In a just-published report called "Spring 2022 State of Luxury," Sotheby's International Realty said scarce inventory was an issue everywhere, including in Vancouver, in the first three months of the year.
According to the company's "Top-Tier Real Estate" report, overall sales of homes purchased for more than $4 million was down 14 per cent in Q1 from the same period last year.
Looking at even pricier property, the number of homes sold for more than $10 million was half of what it was between January and the end of March of 2021.
For those wondering how many buyers fall into this bracket, last year it was six in the three-month period. This year it was three.
