But for the rest of Canada, high inflation, rising interest rates and fears of a recession dampened market activity as sellers held onto their properties in hope of better conditions, and buyers sat on the sidelines waiting for prices to come down.
But buyers won’t be deterred for much longer. As inflation slowed at the end of the year, the appetite for homes became harder to ignore — just in time for the market to shift in favour of buyers. That means prices will ease because sellers have adjusted to the new realities of the market, Sotheby’s said.
Activity in Vancouver’s luxury real estate market is expected to bounce back as a result, Sotheby’s said. As interest rates pushed mortgage rates higher last year, Vancouver’s buying frenzy cooled, and the region experienced major declines in sales. Homes priced above $4 million and $10 million languished on the market as buyers pulled back, and sales volumes were 30 per cent and 46 per cent lower, respectively, than they were in 2021. Sales of homes above $1 million fell 29 per cent.
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