{"id":11410,"date":"2019-01-17T10:10:30","date_gmt":"2019-01-17T18:10:30","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=11410"},"modified":"2019-01-10T09:36:18","modified_gmt":"2019-01-10T17:36:18","slug":"wheres-the-canadian-luxury-real-estate-market-headed-in-2019","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/01\/wheres-the-canadian-luxury-real-estate-market-headed-in-2019\/","title":{"rendered":"Where&#8217;s The Canadian Luxury Real Estate Market Headed in 2019?"},"content":{"rendered":"<p style=\"text-align: justify;\">Uncertainty sweeping through major financial markets doesn\u2019t bode well for luxury property values in Canada\u2019s biggest markets this year after top-tier segments took a hammering in 2018, a new report from Sotheby\u2019s International Realty suggests.<\/p>\n<p style=\"text-align: justify;\">\u201cThe volatility of financial markets introduces real and perceived headline risks that may shock the market and stall consumer action,\u201d reads the 2018 Year End Top Tier Real Estate Report from Sotheby\u2019s.<\/p>\n<p style=\"text-align: justify;\">\u201cIn 2019, ongoing stock market volatility will shadow top-tier housing performance as unsettled local and global real estate consumers hesitate from making key financial decisions, including those related to purchasing and selling a home,\u201d the report continues.<\/p>\n<p style=\"text-align: justify;\">The report notes how the impacts of financial market uncertainty on luxury real estate in Canada are already visible. In particular, the Dow Jones Industrial Average, S&amp;P 500 Index, NASDAQ Composite Index and other key indicators have been roiled with wild declines in the wake of the US\u2013China trade war, which has been heating up.<\/p>\n<p style=\"text-align: justify;\">These issues were one of many setbacks that faced well-heeled homebuyers and sellers over the past year. Other factors included federal mortgage stress testing introduced in the beginning of 2018 and steadily rising interest rates on the shoulders of several Bank of Canada hikes to the overnight rate.<\/p>\n<p style=\"text-align: justify;\">However, not all markets were impacted equally. \u201cToronto\u2019s top-tier real estate market emerged as a bastion of resilience, due in large part to the region\u2019s stable economy and rapidly expanding population,\u201d says Brad Henderson, president and CEO of Sotheby\u2019s International Realty Canada, in a statement.<\/p>\n<p style=\"text-align: justify;\">\u201cConsumer psychology bounced back from temporary setbacks brought on by policy changes, rising rates and tighter lending guidelines,\u201d he adds.<\/p>\n<p style=\"text-align: justify;\">Nonetheless, in the luxury segment of homes priced above $4 million, sales were down 40 percent in the Greater Toronto Area.<\/p>\n<p style=\"text-align: justify;\">In Montreal, just 11 transactions were recorded on the resale market in this price range, compared to 12 in 2017. \u201cIn a city that boasted population gains as well as Canada\u2019s fastest growing metropolitan economy, top-tier real estate activity continued to be driven by local housing demand,\u201d the report reads.<\/p>\n<p style=\"text-align: justify;\">Vancouver was subject to additional headwinds from region-specific policies, including the provincial government\u2019s decision to increase the foreign-homebuyer tax for Metro Vancouver to 20 percent, up from 15 percent. Luxury home sales in the $4-million-plus range plunged 49 percent.<\/p>\n<p style=\"text-align: justify;\">Meantime, the Calgary market was uniquely impacted by job losses in the oil sector. Just a single home sold for more than $4 million last year, matching 2017\u2019s lone sale in this category. \u201cWhile long-term investment opportunities exist, many remain wary of the city\u2019s current market conditions,\u201d the report says.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2019\/01\/canadian-luxury-real-estate-market-headed-2019.html\">Where&#8217;s The Canadian Luxury Real Estate Market Headed in 2019?<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Uncertainty sweeping through major financial markets doesn\u2019t bode well for luxury property values in Canada\u2019s biggest markets this year after top-tier segments took a hammering in 2018, a new report &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/01\/wheres-the-canadian-luxury-real-estate-market-headed-in-2019\/\">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-11410","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>Where&#039;s The Canadian Luxury Real Estate Market Headed in 2019? 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