Spring sales in the Greater Vancouver area's luxury real estate market are down but prices continued to climb, according to a new report.
Sales activity in the region decreased in the first quarter of 2018: the sales of detached luxury homes decreased by 38.2 per cent compared to 2017 and the sales of luxury condominiums decreased by 26.5 per cent, the study by real estate company Royal LePage said.
Despite this decrease in sales, the report noted there were still price gains.
The median price of a detached luxury home in Greater Vancouver rose 5.2 per cent to $5,792,941 and the median price of a luxury condominium rose seven per cent to $2,503,873.
Phil Soper, president and CEO of Royal LePage, said prices have only remained high because of momentum carried over from 2017 and they will likely fall this year.
"In light of recently announced provincial tax policies to both foreign and domestic buyers purchasing homes in the Vancouver region, price appreciation in the luxury market is expected to decline in 2018 while sales volumes are expected to continue to be lower than recent norms."
Royal LePage classifies a luxury home in the Vancouver area as any listing above $4,630,147 for a detached home and above $1,926,084 for a condo.