Sales of luxury homes in Vancouver were down 29% in 2013’s first quarter compared with the same period in 2012, according to a RE/MAX report released this morning.
Upper-End Market Trends 2013 said a total of 287 luxury properties – which in Vancouver are defined as those listed over $2 million – were sold in the city, compared with 404 sales in 2012’s first quarter.
“The pace has shifted in Greater Vancouver’s luxury housing market, reflecting the obvious pullback in foreign investment,” the report states.
“Higher prices, a softer Chinese economy, financing and immigration regulations have all contributed to softer demand.”
The most expensive properties sold in the country in the first quarter were both in Vancouver’s Westside – an $18.6 million single-family estate and an $8 million, 5,700 square-foot condo.
The most expensive listing currently on the market in Canada is on Marine Drive, with a price of $28.888 million.
