Luxury homes lead price declines

June 30, 2022


Chart shows year-over-year median price drops in Vancouver luxury neighbourhoods | HouseSigma


Median home prices in the most exclusive communities of Metro Vancouver have seen substantial drops over the past year, and overall Greater Vancouver home prices have been drifting downwards for five months.
The biggest annual price decline was in Vancouver’s upscale Shaughnessy neighbourhood where the median home price was down 25 per cent in June 2022 to a mere $5.52 million compared to June 2021, according to a new study by HouseSigma.
In West Vancouver’s British Properties, the median house price dropped 16 per cent, year-over-year, to $2.95 million, the study found. North Vancouver’s exclusive Edgemont Village saw median prices decline 12 per cent from June 2021 to $2.54 million.
“Shaughnessy and the British Properties are well-recognized as luxury home markets. These tend to be immune to interest rate hikes," says Hao Li, a Vancouver broker with HouseSigma. “That being said, when you see these communities take double-digit dips in median house prices, you can’t help but pay attention to what’s happening to the housing market as a whole.”
The City of Vancouver is still ahead, year-over-year, at 35 per cent growth, Li added.
Home price increases right across Greater Vancouver are slowing, however, based on mid-month June data released by Vancouver-based Dexter Associates Realty.
The average home price in Greater Vancouver as of mid-June 2022 was $1,217,519, according to Dexter. This price was down about $60,000 from May 2022 and 10 per cent below the February 2022 peak price of $1,344,495.