{"id":11611,"date":"2019-02-08T10:10:11","date_gmt":"2019-02-08T18:10:11","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=11611"},"modified":"2019-02-04T10:16:58","modified_gmt":"2019-02-04T18:16:58","slug":"the-luxury-residential-market-has-experienced-a-weakening-over-the-past-year","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/02\/the-luxury-residential-market-has-experienced-a-weakening-over-the-past-year\/","title":{"rendered":"The Luxury Residential Market Has Experienced a Weakening Over The Past Year"},"content":{"rendered":"<p style=\"text-align: justify;\">The luxury residential market has experienced a relative weakening over the past year, according to a January report by Sotheby\u2019s International Realty Canada.<\/p>\n<p style=\"text-align: justify;\">This lethargy was especially apparent in the highly active Toronto and Vancouver markets. In 2018, transactions involving homes worth $1 million and above declined by 31% year-over-year in Toronto, and by 26% in Vancouver.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, sales of properties valued at $4 million and above shrunk by 40% annually in Toronto last year. During the same time frame, activity in this price range fell by a more pronounced 49% in Vancouver.<\/p>\n<p style=\"text-align: justify;\">As far back as mid-2018, potential weaknesses in these markets were already observable.<\/p>\n<p style=\"text-align: justify;\">\u201cThe collision of rising mortgage rates, stricter lending guidelines and cascading governmental policies and taxes have impacted the performance of several top-tier Canadian markets,\u201d Sotheby\u2019s International Realty Canada president and CEO Brad Henderson warned in July.<\/p>\n<p style=\"text-align: justify;\">Other major contributors were supply scarcity and lower purchasing power due to the economic impact of weaker oil prices \u2013 a factor especially influential in Calgary, the Sotheby\u2019s report stated.<\/p>\n<p style=\"text-align: justify;\">Calgary\u2019s luxury sales decreased by 10% year-over-year in the $1 million and above price bracket in 2018. Only one home valued at more than $4 million was sold in the city last year.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/market-report\/ab\/the-luxury-markets-legs-have-weakened-somewhat-253944.aspx\">The Luxury Market&#8217;s Legs Have Weakened Somewhat<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The luxury residential market has experienced a relative weakening over the past year, according to a January report by Sotheby\u2019s International Realty Canada. This lethargy was especially apparent in the &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/02\/the-luxury-residential-market-has-experienced-a-weakening-over-the-past-year\/\">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-11611","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Luxury Residential Market Has Experienced a Weakening Over The Past Year &#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\/2019\/02\/the-luxury-residential-market-has-experienced-a-weakening-over-the-past-year\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Luxury Residential Market Has Experienced a Weakening Over The Past Year &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The luxury residential market has experienced a relative weakening over the past year, according to a January report by Sotheby\u2019s International Realty Canada. 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