Luxury real etstate prices in Victoria suffer huge declines
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Total sales of million-dollar-plus homes for the first five months of 2009 are 42 per cent below sales for the same period last year.
Prices of luxury homes in Greater Victoria have plunged in the wake of an economic downturn that has taken a disproportionate toll on the top end of the real estate market.
Prices for some of the most expensive homes in the region have dropped more than 50 per cent from their peak in the robust economy of 2007, when executives and millionaires snatched up estates and waterfront gems.
The price drops are hitting properties priced over the $1-million mark.
Between January and April, a total of 29 houses sold for $1 million or more in Greater Victoria. There was a rebound in May, when there were 33 sales of million-dollar-plus homes, outstripping the combined sales of such homes in the previous four months. Even so, total sales for the first five months of this year are 42 per cent below the 106 for the same period last year.
