What's going on in Shaughnessy? A few things, Vancouver Realtor says

A mansion for sale at 1738 Angus Dr. for $24,998,000 is shown.

A recent browse of real estate listings in Vancouver showed that several mansions in one particular area of the city are for sale.

"Multi-award winning, opulent Shaughnessy home," one listing reads, asking nearly $20 million for the seven-bedroom estate. 

"Rare availability in Prestigious First Shaughnessy," reads another listing, this time looking for $28.8 million. 

"A rare opportunity to acquire one of Vancouver's most iconic estates," advertises an agent selling a $25-million home built in 1927. 

A home for sale for $24.8 million is described as "situated on a prized .53 acre view property and located in the confines of Vancouver's ultra- exclusive and most prestigious First Shaughnessy enclave." 

The homes are of various conditions and ages, but many are in Shaughnessy, and all will be multimillion-dollar sales.

It's not a cheap place to live. Most homes are single-detached and owned, not rented.

Most residents are white, according to data from the city. Most are married and have a post-secondary education, and the neighbourhood a median household income nearly double that of the city's average. . 

So why are so many houses for sale in Shaughnessy right now? There are a few reasons, a local Realtor with luxury listings in the area told CTV News. 

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"Markets go through cycles," said Faith Wilson, president and CEO of faithwilson | Christie's International Real Estate. 

"With the balancing of the market, we may have more 'days on the market,' but that is generally something we see across all segment types and ranges of price points."

She said a key is pricing "appropriately." Those properties get interest, get viewings and get sold.

"World events, interest rate and inflation are some of the factors that affect real estate markets, and with that said, properties continue to sell."

As for why so many homes appear to be for sale in that neighbourhood lately, there doesn't seem to be one major theme.

She said some sales could be due to the age of some of the properties – owners not wanting to take on major renovations – or that owners are seeing neighbouring homes selling for much more than they initially paid for theirs.

But usually, she said, it comes down to a lifestyle change: "whether sellers are simply downsizing or moving to the next chapter of their lives."

Wilson said this is much more likely to be a motivating factor when it comes to selling than liquidating an asset over fear of a changing market, or being inspired by neighbours cashing in.

For those considering a change due to increased interest rates and real estate forecasts, Wilson recommends being careful and finding good advice before making any decisions.

"I don't see any reckless sales, and most sellers have holding power to ride out a market correction," she said.

"The market has performed very well in the last two years, and yes, some may be liquidating to look for other opportunities. For other sellers, if they cannot get what they are looking for, they will simply hold or rent out until the market rebounds."