Luxury homes sales fell in Canada

Where the Vancouver detached home market goes, it seems the condo market inevitably follows. Sales of Vancouver condos above $1 million have plummeted by 66 per cent year over year, according to a report by Sotheby’s International Realty Canada, released March 20. Just 86 condos sold at above $1 million in the city during the first two months of 2019, compared with 254 in the same period in 2018. Overall, sales of $1 million-plus homes (condos, attached homes and detached houses) fell 52 per cent in the first two months of 2019, to 279 properties sold, versus 576 sold in January and February 2018. Vancouver’s detached sector, which is almost entirely $1 million-plus, had seen steeper sales volume declines than the condo market, but the slowdown seems to be flattening out. In the first two months of 2019, detached home sales over $1 million fell 35 per cent to 146 homes sold, compared with 223 homes sold in the same period the year prior.