{"id":11778,"date":"2019-02-28T11:11:35","date_gmt":"2019-02-28T19:11:35","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=11778"},"modified":"2019-02-22T08:23:41","modified_gmt":"2019-02-22T16:23:41","slug":"metro-vancouvers-high-end-house-prices-to-fall-a-further-7-1","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/02\/metro-vancouvers-high-end-house-prices-to-fall-a-further-7-1\/","title":{"rendered":"Metro Vancouver’s High-End House Prices to Fall A Further 7.1%"},"content":{"rendered":"

Metro Vancouver\u2019s luxury detached homes will see a further median price decline of 7.1% over the next year, according to a forecast issued February 21 by Royal LePage.<\/p>\n

The national real estate brokerage\u2019s 2019 Royal LePage Luxury Properties Report, which assesses high-end homes in five major cities across Canada, said that the sale price of the median \u201cluxury\u201d home in Metro Vancouver between February 1, 2018 and January 31, 2019 was $5,751,928, which is a decline of 1.7% from the previous year.<\/p>\n

The report predicted that this price would decline a further 7.1% over the 12 months to January 31, 2020, to a median sale price of $5,341,936. That\u2019s a loss of around $210,000.<\/p>\n

Government measures to reduce overseas buyer demand and cool the housing market were seen as partly responsible for this decline. The report authors wrote, \u201cAcross Canada’s five largest cities, Greater Vancouver was the only city to post a decline in median luxury home prices. The number of luxury houses trading hands declined over the past two years, a trend that initially began with the introduction of measures to cool the city’s real estate market in 2016. Luxury home values have dipped but remain remarkably steady as many Vancouverites refuse to sell at what they perceive as a discount. Exasperating soft demand, Chinese nationals, an important luxury buyer demographic, have seen restrictions placed on their ability to transfer wealth to Canada.\u201d<\/p>\n

Brock Smeaton, sales representative, Royal LePage Sussex, said, \u201cWe have a growing number of buyers sitting on the sidelines watching prices, but they are also concerned about the unpredictability of government regulation and whether right now is the best time to buy.\u201d<\/p>\n

In Metro Vancouver\u2019s luxury condo sector, Royal LePage predicted a median sale price decline of 3.7% over the next year, from $2,680,064 to $2,580,115. This follows a 0.6% price slide over the past year.
\n\"\"<\/a>
\nSource : 2019 Royal LePage Luxury Properties Report<\/p>\n

\u201cLuxury properties in Greater Vancouver are softening in price, but the lower-end luxury market is faring better than the upper end,” added Smeaton. \u201cFor buyers considering the city\u2019s most luxurious properties, it is a great time to buy in terms of price and selection.\u201d<\/p>\n

Despite the price declines \u2013 or perhaps because of them \u2013 Royal LePage is expecting a recovery in luxury-home market activity over the coming year. \u201cCompared to last year, we are expecting an increase in luxury sales activity in Greater Vancouver,\u201d said Kevin Somers, chief operating officer, Royal LePage Real Estate Services. \u201cPrice reductions and increased selection in Greater Vancouver are expected to stimulate the luxury property market.\u201d<\/p>\n

Royal LePage : Metro Vancouver’s High-End House Prices to Fall A Further 7.1%<\/a> by Joannah Connolly | Glacier Media Real Estate | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"

Metro Vancouver\u2019s luxury detached homes will see a further median price decline of 7.1% over the next year, according to a forecast issued February 21 by Royal LePage. The national … [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-11778","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nMetro Vancouver's High-End House Prices to Fall A Further 7.1% • 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\/metro-vancouvers-high-end-house-prices-to-fall-a-further-7-1\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Metro Vancouver's High-End House Prices to Fall A Further 7.1% • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Metro Vancouver\u2019s luxury detached homes will see a further median price decline of 7.1% over the next year, according to a forecast issued February 21 by Royal LePage. 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