The Vancouver luxury housing market is in bad shape, and since our last report in May, conditions have remained unchanged.
Sotheby’s International Realty Canada attributes the lull in the Vancouver luxury sector to economic and geopolitical uncertainty, which has also weighed heavily on the conventional housing market.
“Consumer sentiment and sales activity remained largely restrained, as buyers paused and awaited greater economic clarity — conditions that did not meaningfully improve in light of heightening global volatility,” Sotheby’s said.
According to data pulled by Sotheby’s from Greater Vancouver Realtors (GVR), as of May, year-to-date housing sales were among the slowest starts in ten years. The silver lining is that it allowed inventory levels to surge across Metro Vancouver to a ten-year high.
GVR also reported that residential sales in the region were down 9.8 per cent compared to June 2024.
Properties over $1 million declined by 26 per cent, to 1,760 homes sold.
Focusing on higher-end luxury properties, in the first half of 2025, residential sales of properties over $4 million, including condos, attached homes, and single-family homes, decreased by 51 per cent compared to last year, with 85 properties sold in the City of Vancouver.
The ultra-luxury sector, which includes properties valued at $10 million or more, also experienced a significant decline. Only two sales were recorded on MLS, compared to seven for the same period last year.
Just as it did in our last report, Sotheby’s states that Vancouver’s luxury market experienced the most significant decline of any major metropolitan market in Canada during the first half of 2025.
“The city experienced a 51 per cent year-over-year decrease in $4 million-plus residential sales, surpassing the City of Toronto’s decline of 23 per cent. Meanwhile, sales in this price range rose 22 per cent in Montreal and 43 per cent in Calgary. At the same time, Vancouver’s 26 per cent annual decline in residential sales over $1 million outpaced the 13 per cent decrease in the City of Toronto, while Montreal and Calgary saw annual gains of 26 per cent and 3 per cent respectively,” Sotheby’s reports.
The luxury condo market also performed poorly.
This story’s feature image is of a luxury condo on 1568 Alberni St., boasting “arguably” the top penthouse view in Vancouver.
Sotheby’s International Realty Canada
We published a story earlier this year about a price drop that brought the asking price down to $16,900,000. Despite that, the condo has now been on the market for 336 days without a buyer.
Sotheby’s says an increase in supply and a decline in investor and consumer confidence led to a downturn in the high-end condo market. Luxury condo sales over $4 million fell by 29 per cent to only ten units being sold. There were zero sales in the $10 million-plus market segment, a reality also observed last year.
In light of all of these factors, Sotheby’s suggests that a “dramatic rebound” is unlikely over the summer months. However, it is cautiously optimistic that activity will “renew in the months ahead.”