While Vancouver’s luxury housing market appears entrenched in buyer’s territory this spring, according to Sotheby’s International Realty Canada.

Citing data from the Greater Vancouver Realtors professional association, the brokerage said on Wednesday that residential sales in Metro Vancouver were down 13% in March compared with the same month one year earlier.

Meanwhile, the number of properties listed for sale increased close to 38% during that same period.

Within the City of Vancouver’s luxury market, the first quarter of 2025 saw sales of condos, attached and single-family homes over $4 million decline by 48% year-over-year.

No sales of “ultra-luxury” homes – those $10 million or more – were recorded on Multiple Listings Service during that period, as was the case in the first quarter of 2024.

Overall, $1 million-plus residential sales declined 30% year-over-year, Sotheby’s said.

The $4-million mark is the threshold for “luxury” Sotheby’s uses for Vancouver’s real estate market.

Sotheby’s described Vancouver’s luxury condo market as “soft” during the first quarter, adding buyer’s market conditions “deepened as economic uncertainty discouraged sales activity despite mounting supply.”

The brokerage forecasts that slowing sales will result in a further build-up of inventory.

Vancouver’s Luxury Housing Market Stalls as Listing Rise, Buyers Hold Back by Ish Sharma | BIV