{"id":26275,"date":"2025-08-12T11:11:49","date_gmt":"2025-08-12T18:11:49","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=26275"},"modified":"2025-08-12T07:07:05","modified_gmt":"2025-08-12T14:07:05","slug":"greater-vancouver-detached-sales-over-5m-down-39-luxury-condo-market-is-holding-well","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2025\/08\/greater-vancouver-detached-sales-over-5m-down-39-luxury-condo-market-is-holding-well\/","title":{"rendered":"Greater Vancouver Detached Sales Over $5M Down 39%, Luxury Condo Market is Holding Well"},"content":{"rendered":"<p style=\"text-align: justify;\">The luxury home market in Greater Vancouver is seeing a significant drop in sales numbers, although prices haven\u2019t gone down as much as you might think, says one expert.<\/p>\n<p style=\"text-align: justify;\">So far in 2025, there have been 86 detached sales over $5 million, with an average price of $6.6 million and a median price of $5.9 million, according to MLS data provided to BIV by Mike Rampf, advisor with Engel &amp; V\u00f6lkers Vancouver.<\/p>\n<p style=\"text-align: justify;\">That\u2019s compared to 140 detached sales over $5 million this time last year, when the average price was $7.1 million and the median price was $6 million.<\/p>\n<p style=\"text-align: justify;\">This 39% drop in luxury detached sales therefore came with a 7% decline in average price and a 2% decline in median price.<\/p>\n<p style=\"text-align: justify;\">Rampf said a $44-million sale and other outliers affected last year\u2019s average price but the median price tells the true story.<\/p>\n<p style=\"text-align: justify;\">\u201cThe middle range of sales aren\u2019t as bad as the media is essentially saying. Pure stats are the numbers have softened, the value of real estate has softened, but not as bad as everyone is assuming in the higher-end price range,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">The luxury condo market is also holding despite a similarly large decline in volume, Rampf said.<\/p>\n<p style=\"text-align: justify;\">So far in 2025, there have been 20 attached sales over $4 million, with an average price of $5.7 million and a median price of $5.2 million.<\/p>\n<p style=\"text-align: justify;\">That\u2019s compared to 32 attached sales over $4 million this time last year, when the average price was $5.5 million and the median price was $4.8 million.<\/p>\n<p style=\"text-align: justify;\">This 38% fall in luxury condo sales was therefore accompanied by increases in average and median prices.<\/p>\n<p style=\"text-align: justify;\">\u201cYou can read a hundred different articles and you can get different intel and you can read it and perceive it differently,\u201d Rampf said.<\/p>\n<p style=\"text-align: justify;\">\u201cBut just looking at the stats that have sold on MLS, it is quite interesting that the condo market in Greater Vancouver in the luxury market is actually holding quite well.\u201d<\/p>\n<p style=\"text-align: justify;\">Rampf said there\u2019s a lot of inventory in Vancouver\u2019s downtown core, but return-to-office mandates could drive a resurgence in luxury condo demand.<\/p>\n<p style=\"text-align: justify;\">\u201cDuring COVID, we had clients move to Nelson, and then all of a sudden the boss is saying, \u2018Actually you need to come into the office a few more days,\u2019 so their life in Nelson is now being squeezed,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">\u201cThey are being pushed back to the downtown core, so we\u2019re starting to see people moving back closer to their offices.\u201d<\/p>\n<p style=\"text-align: justify;\">Financial institutions, watched closely by other employers, have been recalling their workers, with new four-day in-office policies by Toronto-Dominion Bank (TSX:TD) and Royal Bank of Canada (TSX:RY) coming into effect this fall.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, Greater Vancouver\u2019s \u201cultra-luxury\u201d segment saw eight sales over $10 million so far this year, compared to 14 such sales during the same period in 2024.<\/p>\n<p style=\"text-align: justify;\">Lower sale volumes across the board\u2014detached, attached and ultra-luxury\u2014suggest a mismatch between buyer and seller expectations.<\/p>\n<p style=\"text-align: justify;\">\u201cI think buyers are reading articles saying the market\u2019s taking a massive turn. Sellers spoke to their agent or advisor and got a number from them,\u201d Rampf said.<\/p>\n<p style=\"text-align: justify;\">\u201cWith the market shift, [sellers] haven\u2019t adjusted their expectations and have this phantom value of their home that was yesterday\u2019s value and not today\u2019s.&#8221;<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.biv.com\/news\/real-estate\/greater-vancouver-seeing-fewer-luxury-sales-but-resilient-prices-says-expert-11059276\" target=\"_blank\" rel=\"noopener\">Greater Vancouver Seeing Fewer Luxury Sales but Resilient Prices<\/a> by Jami Makan | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The luxury home market in Greater Vancouver is seeing a significant drop in sales numbers, although prices haven\u2019t gone down as much as you might think, says one expert. So &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2025\/08\/greater-vancouver-detached-sales-over-5m-down-39-luxury-condo-market-is-holding-well\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,13],"tags":[],"class_list":["post-26275","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Greater Vancouver Detached Sales Over $5M Down 39%, Luxury Condo Market is Holding Well &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2025\/08\/greater-vancouver-detached-sales-over-5m-down-39-luxury-condo-market-is-holding-well\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Greater Vancouver Detached Sales Over $5M Down 39%, Luxury Condo Market is Holding Well &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The luxury home market in Greater Vancouver is seeing a significant drop in sales numbers, although prices haven\u2019t gone down as much as you might think, says one expert. 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