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Luxury homes lead price declines in Metro Vancouver

In the past year, median prices in Shaughnessy down 25 per cent to mere $5.5 million and have dropped 15 per cent in the British Properties

Median home prices in the most exclusive communities of Metro Vancouver have seen substantial drops over the past year, according to a new survey released June 21, while overall Greater Vancouver home prices have been wafting downwards for five months.

The biggest annual price decline was in Vancouver’s tony Shaughnessy neighbourhood where the median home price was down 25 per cent in June, compared to June of 2021, to a mere $5.52 million, according to the 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 a year ago, to $2.54 million in June.

“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.”

Looking at the broader picture, from June 2021 to June 20, 2022, West Vancouver has experienced a 12 per cent drop in overall detached house prices year over year. But the City of Vancouver and North Vancouver are still ahead year over year, at 35 per cent and 19 per cent growth, respectively, Li added.

The Real Estate Board of Greater Vancouver reported that some prices declined in May from a month earlier, which may indicate broader price corrections continue.  On the West Side of Vancouver, for example, the median price of a detached house in May was $3,544,000, down more than $200,000 from the median April value of $3,768,000.

Sales and prices across Greater Vancouver are also slowing, based on mid-month June data released by Dexter Associates Realty, Vancouver.

As of June 15, 1,252 homes had sold through the Multiple Listing Service, down from 1,381 in mid-May and the nearly 1,800 in mid-April, 2022. The average home price in Greater Vancouver as of mid-June was $1,217,519, according to Dexter Associates. This was down about $60,000 from a month earlier and 10 per cent below the February 2022 peak price of $1,344,495.