20 Years Reveal a Changing Luxury Market as West Vancouver Prices Double

Sotheby’s International Realty Canada Marks 20 Years in West Vancouver with New Luxury Market Insights

VANCOUVER, British Columbia, Sept. 29, 2026 (GLOBE NEWSWIRE) -- Over the past two decades, West Vancouver’s luxury real estate market has undergone dramatic change, shaped by economic cycles, changing market conditions and extraordinary price growth. As Sotheby’s International Realty Canada celebrates 20 years in West Vancouver, newly compiled data reveals how dramatically the luxury market has evolved and where it stands today.

In a market where the median residential sales price on the Multiple Listing Service (MLS) nearly doubled from $1,215,000 in September 2006 to $2,375,000 in August 2026, two decades of sales data revealed a more complex picture. According to Sotheby’s International Realty Canada, West Vancouver’s median residential sale price reached or exceeded $3.1 million only a few times over the past 20 years. In February and March 2016, the median sales price rose to $3,102,500 and $3,136,405 respectively, before the B.C. government introduced a 15% property transfer tax on residential purchases by foreign nationals and foreign-controlled corporations to cool the market. This level was not achieved again until April 2017, when it hit $3,100,000. In May 2022, driven by surging demand with pandemic-related housing trends, median prices reached $3,085,000, slightly short of the $3.1 million mark. It did not peak again until March 2025 when the median sales price reached $3,381,500, the highest level recorded in the past two decades, despite a prolonged slowdown in regional sales activity. This reflected sellers’ continued resistance to compromise on price despite muted market conditions.

Despite price resilience, West Vancouver’s luxury market is positioned firmly in buyer’s territory this fall. From January 1 to August 30, 2026, 57 properties sold at $4 million or more in West Vancouver based on MLS, a 25% decrease from 76 sold in the same period of 2025.

"The West Vancouver luxury market continues to favour buyers this fall. To put things in perspective, there were 195 residential properties listed above $4 million on MLS as of September 1. Based on this year's rate of sale, that is approximately 2.3 years of supply on the market," said Kevin O’Toole, Managing Broker with Sotheby’s International Realty Canada for Greater Vancouver. “With an abundance of competing listings in the top-tier market, sellers need to be realistic with their pricing expectations, conditions and timeframes to attract qualified buyers.”

Although its analysis of land title and MLS records from January 2024–August 2026 reveal that one in seven West Vancouver properties above $4 million sells without ever appearing on MLS, Sotheby’s International Realty Canada maintains that given current market conditions, broader public marketing on MLS, in conjunction with strategic private network outreach, is key to attracting qualified purchasers.

“Sotheby’s International Realty is renowned for its access to ultra-high-net-worth buyers through our extensive local, national and global media platform, and our elite sales network, which helps connect properties with qualified buyers,” said Elaine Hung, Chief Marketing Officer, Sotheby’s International Realty Canada. “In today’s luxury market, where supply exceeds demand, our real estate advisors are encouraging sellers to take a broad-based approach that combines targeted outreach with strategic exposure across premier media, as well as on MLS, to attract the right buyer.”

"Sotheby’s International Realty Canada has been an integral part of the West Vancouver real estate landscape for 20 years, helping thousands of individuals and businesses navigate an ever-changing market,” says Mark Sager, Mayor of the District of West Vancouver. “As the housing environment continues to evolve, it is exciting to see this globally-renowned firm deepen its longstanding ties to the community and local real estate industry. This ensures West Vancouver residents have choice and access to services that meet their needs.”

For more information on Sotheby's International Realty Canada contact:
Talk Shop Media
Kayla Moyes
kayla.moyes@talkshopmedia.com
250-218-9276

About Sotheby's International Realty Canada
Combining the world's most prestigious real estate brand with local market knowledge and specialized marketing expertise, Sotheby's International Realty Canada is the leading real estate sales and marketing company for the country's most exceptional properties. With offices in over 35 residential and resort markets nationwide, our professional associates provide the highest caliber of real estate service, unrivalled local and international marketing solutions and a global affiliate sales network of approximately 1,100 offices in 86+ countries and territories to manage the real estate portfolios of discerning clients from around the world. For further information, visit www.sothebysrealty.ca.