Vancouver's Luxury Real Estate Market: 2025 Trends and Shifts
- Ray Khan
- Apr 5
- 2 min read
The luxury housing market in Greater Vancouver exhibited varied performance in early 2025. High-end condominiums experienced increased interest, whereas sales of luxury detached homes declined compared to the previous year, likely due to economic uncertainties and evolving buyer preferences.
Key Market Trends
Decline in Detached Home Sales: A total of 135 luxury detached homes (priced over $3 million) were sold in January and February 2025, representing a 21% decrease from 2024.
Increased Interest in Condos: Luxury condominiums recorded 15 sales this year, a significant rise from zero in the same period last year.
Stable Prices: Despite slower sales, the average price of detached homes slightly increased to $4.2 million, with condominiums averaging $4.2 million as well.
Preferred Neighborhoods: Affluent buyers continue to favor Vancouver’s Westside (Shaughnessy, Kerrisdale) and West Vancouver.
Factors Influencing the Market
Economic Uncertainty: Trade tensions and election-related uncertainties have made some ultra-wealthy buyers cautious.
Interest Rates and Taxes: Lower mortgage rates have supported mid-tier luxury sales, but vacancy taxes (2.5% on empty homes) have driven some buyers to tax-free regions like Whistler.
Changing Preferences: More luxury buyers are exploring suburban areas (Burnaby, Langley) for better value.
Population Growth: Vancouver’s population increased by 127,000 in 2024, boosting housing demand, though inventory remains limited.
Foreign Buyer Restrictions: The ongoing ban continues to limit international investment in Vancouver’s luxury market.
Future Outlook
Once economic and political conditions stabilize, luxury sales are anticipated to recover. Currently, buyers are carefully evaluating their options, whether in Vancouver’s prime neighborhoods or nearby markets offering fewer taxes and more space.
Considering a move in Vancouver’s luxury market? Let’s discuss your best options.
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