While homebuying activity at the lower end of the market in Greater Vancouver has started to gain traction as the traditional spring market takes hold, luxury sales above $3 million have remained subdued. Momentum has yet to spill over into the city’s luxury segment, where buyers remain cautious amid ongoing economic uncertainty, rising listing inventory, and mounting tax pressures tied to luxury homeownership.
Sales of luxury detached homes have fared somewhat better than their condominium counterparts so far this year. A total of 242 detached properties sold between January and April, compared with 291 during the same period last year, representing a decline of nearly 17 per cent. In contrast, strata condo activity has been softer, with 23 sales recorded in the first four months of 2026 compared to 43 sales in 2025, down almost 47 per cent year-over-year. Even established high-end buildings, including the Shangri-La, have experienced slower turnover, with limited sales activity reported in recent months.
Meanwhile, values have edged higher year-over-year, with the average price for properties sold over the $3-million price point sitting at nearly $4.4 million, up from just over $4.13 million during the same period last year. However, averages alone do not fully capture current market conditions. In the luxury condominium segment especially, some long-time owners have realized only modest appreciation after carrying costs and transaction expenses are factored in. Properties are also taking longer to sell, with buyers remaining highly selective and deliberate in today’s market environment.
A market reshaped by policy and global capital
Vancouver’s high-end housing market has undergone a dramatic evolution over the past two decades. Between 2008 and 2012, luxury home sales accounted for roughly two per cent of total market activity. Momentum accelerated sharply between 2013 and 2017, as the global spotlight generated by the Olympics helped fuel a significant influx of international capital into the region. At its peak, luxury properties represented as much as eight to 10 per cent of all sales activity in Vancouver.
In August 2016, British Columbia introduced Canada’s first Foreign Buyers Tax targeting the Metro Vancouver Regional District to cool investor activity. Initially set at 15 per cent, the tax was later increased to 20 per cent and expanded to additional markets across the province. Other measures, including the Speculation and Vacancy Tax and Federal Foreign Buyers Ban introduced in 2023 and extended through January 1, 2027, have also contributed to a shift in market dynamics.
Long-term fundamentals remain intact
With the exception of the early pandemic years, when supply levels tightened considerably, inventory at the top end of the market has been steadily building. Higher borrowing costs and reduced liquidity significantly tempered luxury activity in 2025, and sales are expected to remain measured in 2026 amid ongoing economic uncertainty, geopolitical tensions, and financing challenges at higher price points.
While tighter federal immigration policies have moderated population growth over the past year, Vancouver’s long-term fundamentals remain intact. FIFA World Cup, alongside continued investment in trade infrastructure and major international events, may help reinforce the city’s global profile and support longer-term confidence in the region’s luxury housing market as conditions gradually stabilize. In the meantime, well-capitalized buyers may find selective opportunities emerging in one of Canada’s most established and supply-constrained luxury markets
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