Vancouver.
Vancouver’s luxury housing market showed cautious optimism to start the year, but this sentiment rapidly faded upon the imposition of US tariffs. Canada’s escalating trade war with the US, a weakening outlook for the local economy and stringent housing policies and regulations all contributed to stifling consumer confidence and activity. Although the lower end of the luxury market saw some movement as buyers renewed their activity with monetary policy easing, both buyers and sellers remained hesitant overall, concerned about the impact of these geopolitical issues on the city’s economy, job market and housing values. As a result, Vancouver’s overall housing market cooled over the first quarter, weighed down by recent shocks.
According to Greater Vancouver REALTORS® (GVR) residential sales in Metro Vancouver were down 13% year-over-year, while the number of properties listed for sale increased close to 38% compared to March 2024. Within the City of Vancouver’s luxury market, the first quarter of 2025 saw residential sales over $4 million (condominiums, attached and single family homes) decline by 48% year-over-year from the first quarter of 2024 to 33 properties sold. There were no ultra-luxury $10 million sales on Multiple Listing Services (MLS) during this time, as was the case in the first quarter of 2024. 723 residential properties sold over $1 million between January 1– March 31, a substantial 30% year-over-year shortfall. Property sales between $1 million–$2 million continued to comprise the majority of the city’s $1 million-plus residential real estate market, accounting for 69% of these top-tier sales, up from 64% at the same time last year.
Despite a cooling market, single family homes continue to dominate as the top choice for Vancouver’s luxury homebuyers, accounting for 94% of residential sales over $4 million in the city. However, luxury single family home sales over $4 million fell 47% year-over-year from the first quarter of 2024 to 31 properties sold. There were no ultra-luxury single family homes sold over $10 million reported in the first quarter of 2025, unchanged from the same period last year. Overall, sales of single family homes over $1 million were down 34% year-over-year in the first quarter of 2025, with 254 homes sold.
“ ”
While Vancouver’s luxury housing market shows signs of brightening, it will remain firmly in buyers’ territory this spring.
Sotheby’s International Realty Canada
The city’s luxury condominium market remained soft in the first quarter of 2025, and buyers’ market conditions deepened as economic uncertainty discouraged sales activity despite mounting supply. Two condominiums sold over $4 million between January 1–March 31, down from five units sold in the first quarter of 2024, and there were no transactions recorded over $10 million, as was the case in the first quarter of last year. Overall, condominium sales over $1 million saw a significant 27% drop year-over-year drop to 236 units sold in the first quarter. Although sales transactions in the $1 million–$2 million segment fell 23% year-over-year, their share of the city’s $1 million-plus condominium market increased to 90% in the first quarter, up from 85% during the same period last year.
Lack of “missing middle” housing supply continues to constrain top-tier attached home sales, while uncertainty over the economy deterred potential “move-up” homebuyers and home sellers. As a result, in the first quarter of 2025, there were no attached homes sold over $4 million, down from one sale in the first quarter of 2024. Overall, attached home sales over $1 million fell 28% year-over-year to 233 properties sold between January 1–March 31.
While Vancouver’s luxury housing market shows signs of brightening, it will remain firmly in buyers’ territory this spring, according to experts at Sotheby’s International Realty Canada. Slow sales velocity is expected to result in a further build-up of inventory, particularly in the condominium segment where smaller-scale investors are struggling with a softer rental and residential resale market, and in some cases, deciding to sell and minimize short-term losses.
With ample options, lax competition and prices facing downward pressure, prospective buyers will continue to wield the upper hand. Sellers aiming to succeed will need to present high-quality properties at competitive prices, as quality will continue to drive transactions, even in a slower market. In a season defined by uncertainty and caution, those who prioritize adaptability and uncompromising quality will be best positioned to succeed – whether buying or selling.
