{"id":10776,"date":"2018-11-10T11:11:16","date_gmt":"2018-11-10T19:11:16","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10776"},"modified":"2018-11-07T14:15:02","modified_gmt":"2018-11-07T22:15:02","slug":"vancouver-sees-worlds-biggest-drop-in-luxury-home-prices","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/11\/vancouver-sees-worlds-biggest-drop-in-luxury-home-prices\/","title":{"rendered":"Vancouver Sees World&#8217;s Biggest Drop in Luxury Home Prices"},"content":{"rendered":"<p style=\"text-align: justify;\">While it can seem like there\u2019s no slowing down when it comes to the red-hot real estate market as a whole in Vancouver, it appears that at least one segment of it has cooled significantly.<\/p>\n<p style=\"text-align: justify;\">According to a new Bloomberg report, the city\u2019s luxury real estate market saw the biggest drop in luxury home prices around the world year-on-year, with prices down by 11%.<\/p>\n<p style=\"text-align: justify;\">The findings come from the latest Knight Frank LLP\u2019s Prime Global Cities Index, which looked at the gains and losses of luxury real estate in cities around the world.<\/p>\n<p style=\"text-align: justify;\">Coming out on top of the list this year was Singapore, where Bloomberg said luxury home prices in the island nation rose by 13% in the quarter ended September 30, from a year earlier. The report noted that gains here were partly driven by the \u201climited availability of high-end properties.\u201d<\/p>\n<p style=\"text-align: justify;\">These latest findings follow another report from Sotheby\u2019s International that also suggested the city\u2019s luxury real estate market was in a downward trend.<\/p>\n<p style=\"text-align: justify;\">In its Mid-Year Top-Tier Report, Sotheby\u2019s looked at real estate activity across the country for those in the $1 million market.<\/p>\n<p style=\"text-align: justify;\">It found that the Vancouver $1 million-plus market experienced a \u201cdramatic slowdown\u201d in the first half of 2018, with $1 million-plus sales down 36% year-over-year to 885 homes sold, and sales over $4 million down 55% to 86 homes sold.<\/p>\n<p style=\"text-align: justify;\">\u201cIn the face of the Government of BC\u2019s February 2018 implementation of a 30-point plan for housing affordability\u2026 the $1 million plus single-family home market saw a significant pullback in activity, while the condominium and attached home markets remained resilient,\u201d the report said.<\/p>\n<p style=\"text-align: justify;\">Overall, residential real estate sales over $1 million decreased 19% year-over-year to 1,939 units in the first six months of the year, and $4 million-plus sales decreased 47% to 111 units as consumer confidence and market engagement waned.<\/p>\n<p style=\"text-align: justify;\">The most dramatic slowdown was in the single-family home market, which entrenched into buyers\u2019 territory as sales over $1 million and $4 million fell 36% to 885 homes sold, and 55% to 86 homes, respectively.<\/p>\n<p><a href=\"http:\/\/dailyhive.com\/vancouver\/vancouver-luxury-home-prices-report-2018\" target=\"_blank\" rel=\"noopener\">Vancouver Sees World&#8217;s Biggest Drop in Luxury Home Prices<\/a> by Daily Hive<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While it can seem like there\u2019s no slowing down when it comes to the red-hot real estate market as a whole in Vancouver, it appears that at least one segment &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/11\/vancouver-sees-worlds-biggest-drop-in-luxury-home-prices\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-10776","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vancouver Sees World&#039;s Biggest Drop in Luxury Home Prices &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/11\/vancouver-sees-worlds-biggest-drop-in-luxury-home-prices\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver Sees World&#039;s Biggest Drop in Luxury Home Prices &#8226; 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