August 1st, 2012, Owen Bigland
Welcome to your monthly update on Real Estate in Vancouver
AUG 2012
Luxury Market Stumbles as Asian Buyers dry up
Midway through 2012, BC's luxury market is showing signs of cooling
down. Through the first 6 months of 2012, 243 homes priced at over $3
million have sold compared to 466 through the first 6 months of 2011.
While this may seem like a significant drop, 2012 is still far ahead of
2010, when 375 $3 million homes sold over the year, 169 in the first
half.
Macdonald Realty manager Matthew Lee, whose Vancouver office sold the
most expensive home in BC so far this year ($19.8 Million), believes
that the market has reached a tipping point. "Prices have been going up
so much the past few years that w ...