Vancouver home buyers save more on upgrades than they lose on sales

Homeowners upgrading to a more expensive property can save more on their next purchase than they lose on the sale of their current home. A homeowner selling a million-dollar condo for 10% less than its peak value loses $100,000, but saves $300,000 if the upgrade home costs $3 million and is also 10% lower.

This shift occurs as the market pendulum has swung in favor of buyers, allowing them to negotiate harder with sellers. The trend is driven by a challenging economic environment and geopolitical strain that has left many homebuyers reluctant to take the plunge.

In Metro Vancouver, sales fell 2.8% year over year and the MLS Home Price Index composite benchmark fell 6.8% compared to 12 months prior. Across British Columbia, residential sales were 3.6% lower than the same month last year, slipping to 5,766 units, while the average MLS residential price ticked 2% lower.