The last year has shown a real estate drop, resulting in a  rapid decline of estate sales, especially in high end custom homes around Vancouver. According to the MLS reports, only 43 detached homes, valued over $7 million, in the Metro Vancouver Region sold between May 2018 and May 2019. This is compared to 94 homes the previous 12 months.

The selling frenzy and rapid market gains of previous years has fallen off. It is now replaced by slow sales and reduced prices. However, all is not bleak.  

First, even with the slowdown in sales and real estate drop from their previous highs, high end custom homes are continuing to hold onto massive gains in value. Even with the slowdown in sales, these homes still are in demand for families looking for their long-term, dream home.

If you have been considering having your dream custom home in Vancouver built, now might be the perfect time. While you may not be in the $7million plus market, the entire industry is soft.  The slowdown in sales allows you more options and more time in finding the perfect lot for your dream home. You may even find some savings allowing you to spend more on constructing your ideal home.

The soft market is also an opportunity for long term gains. If history has shown anything, it’s that these markets eventually recover, and once again become seller’s markets. The downturn in the cycle is the perfect time to buy or build your dream high end custom home. Of course, no one can predict what exactly will happen in coming years, except that if you should choose to build your dream home with Clay Construction, you will enjoy it for years to come.

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