Vancouver’s median condo price nears $1 million; detached homes $3 million

Sellers ask ever-increasing sums for their homes, despite inventory sitting for longer

The median price of a condo currently listed for sale in Vancouver proper is getting closer to that $1-million mark.

When looking at units in the MLS across Vancouver East and West, that median price now sits at $977,000 .

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Break that down by those two jurisdictions, and the median condo listing price in Vancouver West (West Side, Downtown West and West End) is a whopping $1,088,000, compared with $638,000 for Vancouver East (East Side and Downtown East).

For detached homes across the city, the median listing price is edging towards $3 million, now at $2,988,000.

Most expensive Vancouver listing First Shaughnessy
The $34.8 million home in Vancouver's ultra-exclusive First Shaughnessy area is currently the most expensive listing in Metro Vancouver. - Angell Hasman (Malcolm Hasman)

Greater Vancouver’s top-priced listed home right now – and indeed, currently Canada’s most expensive listing – is a luxury estate in the ultimate address, First Shaughnessy. This is a 53-acre view property with a lavish, six-bedroom, eight-bathroom mansion that boasts features such as a resort-style pool area with fireside lounge, outdoor kitchen and cabana, a 1,200-bottle wine room and a private elevator. It has been on the market for one week as of August 31, and is listed at $34.8 million.

REW The Concord condo
Vancouver's most expensive condo listing is for a unit at The Concord on North False Creek in Yaletown. - Prompton Real Estate

Topping the condo listings price chart is a 3,050-square-foot Yaletown condo at swanky waterfront building The Concord. This luxury home has three bedrooms, four bathrooms and more than 800 square feet of outdoor living space with sweeping water and city views. It has been on the market for 62 days and is listed at $13 million.

The priciest home in the townhouse/duplex/rowhome category right now is an unusual, waterfront half-duplex on the “Golden Mile” in Point Grey, priced at just shy of $11.8 million. This 1994-built family home has 2,312 square feet of oceanview living space in one of the city’s most desirable spots, with a lot that extends down to the water at English Bay. It has been on the market for 100 days as of August 31.

However, Vancouver’s home sale prices seen during the week of August 14-20 are not as high as the median listing prices, reflecting the fact that fewer detached homes are selling for their asking price, and that high-priced condos don’t sell as quickly as those at the lower end.

The median sale price of a detached home in Vancouver that week was $2,187,000; for townhomes (including half-duplexes and row homes) it was a still-high $1,339,000; and for condos it was $724K.

Shaughnessy #1
This seven-bedroom mansion in Vancouver's tony First Shaughnessy sold for $14.5 million after 18 days on the market. - Julie Wei, Luxmore Realty

The priciest home to sell the same week, of those sales registered by August 31, was a luxurious, 8,500-square-foot mansion on a 20,000-square-foot lot in prestigious Shaughnessy. This seven-bedroom home sold for $14.5 million after 18 days on the market – a price that was $1.49 million below the sticker price.

The number of days on market continued to rise week by week for every property type – unsurprisingly, given the rising listing prices.

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