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Vancouver luxury home market shows signs of cooling

VANCOUVER, Canada, May 11 (Xinhua) -- After several consecutive years of skyrocketing residential property values, the prices of luxury houses are starting to cool in this West Coast Canadian city.

New figures by real estate firm Royal LePage showed that during the first quarter of 2018, sales of detached luxury homes decreased 38.2 percent compared to the same period in 2017, while sales of luxury condos decreased 26.5 per cent.

In that same period, the median price of a luxury detached home in Greater Vancouver rose 5.2 percent year on year to 5,792,941 Canadian dollars (4,532,967 U.S. dollars), while the median price of a luxury condominium rose seven percent year on year to 2,503,873 Canadian dollars (1,959,280 U.S. dollars) during the same period.

However, price changes tended to lag changes to sales volume, and Royal LePage predicted that by spring 2019, the median price of a luxury detached home in Greater Vancouver would fall by three percent to 5,619,153 Canadian dollars (4,395,751 U.S. dollars) year on year.

Full Story here: http://www.xinhuanet.com/english/2018-05/12/c_137172984.htm

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