{"id":10800,"date":"2018-11-14T10:10:03","date_gmt":"2018-11-14T18:10:03","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10800"},"modified":"2018-11-07T07:58:10","modified_gmt":"2018-11-07T15:58:10","slug":"international-survey-shows-vancouver-luxury-home-price-plunge-has-cooled-citys-allure-for-investors","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/11\/international-survey-shows-vancouver-luxury-home-price-plunge-has-cooled-citys-allure-for-investors\/","title":{"rendered":"International Survey Shows Vancouver Luxury Home Price Plunge Has Cooled City&#8217;s Allure for Investors"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver is now ranked as the worst place in the world for luxury homebuyers seeking a return on their investment, according to a global survey of 43 \u201cprime residential\u201d cities.<\/p>\n<p style=\"text-align: justify;\">The Knight Frank Prime International Residential Index found that, while luxury property prices globally were up an average of 4.2% in the third quarter, compared with the same period in 2017, they fell 11.2% in Vancouver, where luxury home sales have tanked.<\/p>\n<p style=\"text-align: justify;\">Singapore ranked No. 1 in the index, posting a 13.1% annual increase in the third quarter, according to Knight Frank. Madrid came in at No. 2 with a 10.2% increase in values, followed by Tokyo, where luxury home prices were up 9.4% from a year earlier.<\/p>\n<p style=\"text-align: justify;\">In North America, Los Angeles carried the flag. It posted a 7.8% rise in luxury property values.<\/p>\n<p style=\"text-align: justify;\">No other Canadian city made the list, and Vancouver ended up ranked No. 43, just behind Istanbul, where luxury home sellers suffered a 2.4% drop in value since 2017\u2019s third quarter.<\/p>\n<p style=\"text-align: justify;\">Vancouver\u2019s high-end detached-house market is forecast to decline further, according to a recent Royal LePage survey, which laid the blame on government intervention.<\/p>\n<p style=\"text-align: justify;\">The Office of the Superintendent of Financial Institutions\u2019 introduction of the new mortgage stress test in January created market turmoil as buyers moved to the sidelines, the agency stated.<\/p>\n<p style=\"text-align: justify;\">\u201cMore significantly, in British Columbia, the 2018 provincial budget included policies targeting foreign and domestic buyers who do not pay tax in the province, as well as a tax increase for all homes over $3 million through increases to the property transfer and school tax,\u201d noted Royal LePage president and CEO Phil Soper.<\/p>\n<p style=\"text-align: justify;\">During 2018\u2019s first quarter, sales of detached luxury homes in Greater Vancouver plunged 38.2% compared with the same period in 2017, while luxury condominium sales decreased 26.5%, according to the Royal LePage survey.<\/p>\n<p style=\"text-align: justify;\">In the third quarter, 162 detached houses were listed for sale in the city of Vancouver through the Multiple Listing Service at $5 million or more. Only 14 sold.<\/p>\n<p style=\"text-align: justify;\">The agency is forecasting that, by the first quarter of 2019, the median price of a luxury detached house in Greater Vancouver will fall a further 3% compared with the first quarter of 2018, to $5.51 million.<\/p>\n<p style=\"text-align: justify;\">However, luxury condominium prices are forecast to increase 2% to $2.5 million in the same period.<\/p>\n<p style=\"text-align: justify;\">Royal LePage suggests that demand for luxury condos among millennials and downsizing baby boomers acts to \u201cinsulate condominiums from the price declines we are seeing in the luxury detached-home market.\u201d<\/p>\n<p><a href=\"https:\/\/biv.com\/article\/2018\/11\/vancouver-luxury-property-market-ranked-worlds-worst\" target=\"_blank\" rel=\"noopener\">Vancouver Luxury Property Market Ranked World&#8217;s Worst<\/a> by Frank O&#8217;Brien | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver is now ranked as the worst place in the world for luxury homebuyers seeking a return on their investment, according to a global survey of 43 \u201cprime residential\u201d cities. &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/11\/international-survey-shows-vancouver-luxury-home-price-plunge-has-cooled-citys-allure-for-investors\/\">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-10800","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>International Survey Shows Vancouver Luxury Home Price Plunge Has Cooled City&#039;s Allure for Investors &#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\/international-survey-shows-vancouver-luxury-home-price-plunge-has-cooled-citys-allure-for-investors\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"International Survey Shows Vancouver Luxury Home Price Plunge Has Cooled City&#039;s Allure for Investors &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver is now ranked as the worst place in the world for luxury homebuyers seeking a return on their investment, according to a global survey of 43 \u201cprime residential\u201d cities. &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/11\\\/international-survey-shows-vancouver-luxury-home-price-plunge-has-cooled-citys-allure-for-investors\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/11\\\/international-survey-shows-vancouver-luxury-home-price-plunge-has-cooled-citys-allure-for-investors\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"International Survey Shows Vancouver Luxury Home Price Plunge Has Cooled City&#8217;s Allure for Investors\",\"datePublished\":\"2018-11-14T18:10:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/11\\\/international-survey-shows-vancouver-luxury-home-price-plunge-has-cooled-citys-allure-for-investors\\\/\"},\"wordCount\":421,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/11\\\/international-survey-shows-vancouver-luxury-home-price-plunge-has-cooled-citys-allure-for-investors\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/11\\\/international-survey-shows-vancouver-luxury-home-price-plunge-has-cooled-citys-allure-for-investors\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/11\\\/international-survey-shows-vancouver-luxury-home-price-plunge-has-cooled-citys-allure-for-investors\\\/\",\"name\":\"International Survey Shows Vancouver Luxury Home Price Plunge Has Cooled City's Allure for Investors &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2018-11-14T18:10:03+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/11\\\/international-survey-shows-vancouver-luxury-home-price-plunge-has-cooled-citys-allure-for-investors\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/11\\\/international-survey-shows-vancouver-luxury-home-price-plunge-has-cooled-citys-allure-for-investors\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/11\\\/international-survey-shows-vancouver-luxury-home-price-plunge-has-cooled-citys-allure-for-investors\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"International Survey Shows Vancouver Luxury Home Price Plunge Has Cooled City&#8217;s Allure for Investors\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling &amp; Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"International Survey Shows Vancouver Luxury Home Price Plunge Has Cooled City's Allure for Investors &#8226; Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2018\/11\/international-survey-shows-vancouver-luxury-home-price-plunge-has-cooled-citys-allure-for-investors\/","twitter_card":"summary_large_image","twitter_title":"International Survey Shows Vancouver Luxury Home Price Plunge Has Cooled City's Allure for Investors &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"Vancouver is now ranked as the worst place in the world for luxury homebuyers seeking a return on their investment, according to a global survey of 43 \u201cprime residential\u201d cities. &hellip; [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2018\/11\/international-survey-shows-vancouver-luxury-home-price-plunge-has-cooled-citys-allure-for-investors\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2018\/11\/international-survey-shows-vancouver-luxury-home-price-plunge-has-cooled-citys-allure-for-investors\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"International Survey Shows Vancouver Luxury Home Price Plunge Has Cooled City&#8217;s Allure for Investors","datePublished":"2018-11-14T18:10:03+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2018\/11\/international-survey-shows-vancouver-luxury-home-price-plunge-has-cooled-citys-allure-for-investors\/"},"wordCount":421,"commentCount":0,"publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"articleSection":["Market Updates"],"inLanguage":"en-CA","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.roryc.ca\/blog\/2018\/11\/international-survey-shows-vancouver-luxury-home-price-plunge-has-cooled-citys-allure-for-investors\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2018\/11\/international-survey-shows-vancouver-luxury-home-price-plunge-has-cooled-citys-allure-for-investors\/","url":"https:\/\/www.roryc.ca\/blog\/2018\/11\/international-survey-shows-vancouver-luxury-home-price-plunge-has-cooled-citys-allure-for-investors\/","name":"International Survey Shows Vancouver Luxury Home Price Plunge Has Cooled City's Allure for Investors &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2018-11-14T18:10:03+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2018\/11\/international-survey-shows-vancouver-luxury-home-price-plunge-has-cooled-citys-allure-for-investors\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2018\/11\/international-survey-shows-vancouver-luxury-home-price-plunge-has-cooled-citys-allure-for-investors\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2018\/11\/international-survey-shows-vancouver-luxury-home-price-plunge-has-cooled-citys-allure-for-investors\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"International Survey Shows Vancouver Luxury Home Price Plunge Has Cooled City&#8217;s Allure for Investors"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling &amp; Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/10800","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=10800"}],"version-history":[{"count":1,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/10800\/revisions"}],"predecessor-version":[{"id":10801,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/10800\/revisions\/10801"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=10800"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=10800"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=10800"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}