Vancouver’s mid-luxury housing market showed signs of renewed activity in June, according to a new report from Engel & Völkers.
The company’s 2025 Mid-Year Canadian Luxury Real Estate Market Report, released last week, found a steady increase in the number of homes sold in Vancouver between $1 million and $4 million during the first half of 2025.
Homes priced between $1 million and $2 million were the most active segment, with 547 units sold in June—mostly detached and semi-detached houses.
Detached sales in this price range rose four per cent year-over-year, with an average price of $1.54 million.
“This isn’t a market driven by speculation anymore. It’s driven by life,” said Andrew Carros, COO of Engel & Völkers Vancouver, in the report.
“Buyers are moving based on real needs like growing families, job changes and personal timing. Sellers who recognize this shift—by pricing thoughtfully, preparing their homes properly and understanding the nuances of today’s buyer—are the ones seeing results.”
Sales in the $2-million to $4-million range also grew steadily in the first six months of 2025, with 261 units sold in June—mostly detached homes with an average price of $2.61 million.
Meanwhile, 33 homes priced above $4 million were sold in June, down from 56 in the same month last year. Average prices were $5.52 million for detached houses and $4.5 million for semi-detached.
“While the ultra-luxury segment still holds long-term value, current conditions require distinctiveness, architectural excellence or a unique location to drive buyer interest,” the report stated.
The report predicts that demand for detached homes priced under $2.5 million will remain strong in the second half of 2025.
“In the high-end condominium segment, pricing pressure and buyer hesitancy are expected to persist... amid rising financing constraints and inconsistent finish quality,” the report noted.
