{"id":11936,"date":"2019-03-23T10:10:14","date_gmt":"2019-03-23T17:10:14","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=11936"},"modified":"2019-03-11T12:41:40","modified_gmt":"2019-03-11T19:41:40","slug":"bc-real-estate-not-alone-as-home-prices-slide-across-prime-global-cities","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/03\/bc-real-estate-not-alone-as-home-prices-slide-across-prime-global-cities\/","title":{"rendered":"BC Real Estate Not Alone as Home Prices Slide Across Prime Global Cities"},"content":{"rendered":"<p style=\"text-align: justify;\">It\u2019s easy to think of Greater Victoria and Metro Vancouver real estate prices as being particularly hard-hit in the past couple of years, by a combination of provincial taxation measures and the federal stress test. But a report published last week by The Economist Group shows that, in global terms, BC&#8217;s major cities are far from alone in seeing recent declines in home prices.<\/p>\n<p style=\"text-align: justify;\">Examining eight of the world\u2019s prime urban real estate markets \u2013 Auckland, Berlin, Hong Kong, London, Manhattan, San Francisco, Sydney and Vancouver \u2013 the UK-based economics magazine and research group found that almost all of the cities have seen home prices drop in recent years.<\/p>\n<p style=\"text-align: justify;\">The study charted price increases in the eight cities since 2009, using an index that measures comparative price growth with 2009 as the base.<\/p>\n<p style=\"text-align: justify;\">Vancouver has seen a more recent decline, echoing activity in Hong Kong, where prices have grown considerably more than Vancouver since 2009.<\/p>\n<p style=\"text-align: justify;\">The report said, \u201cPrices started falling in August [2018] in Hong Kong and have dropped by nine per cent since. Developers there were spooked when their bids for a vacant parcel of land in the world\u2019s most expensive neighbourhood \u2014 aptly called \u2018The Peak\u2019 \u2014 failed to meet the government\u2019s reserve price in October.\u201d<br \/>\n<a href=\"https:\/\/www.roryc.ca\/blog\/?attachment_id=11937\" rel=\"attachment wp-att-11937\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-11937\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/03\/global-real-estate-288x135.jpg\" alt=\"\" width=\"608\" height=\"285\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/03\/global-real-estate-288x135.jpg 288w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/03\/global-real-estate.jpg 750w\" sizes=\"auto, (max-width: 608px) 100vw, 608px\" \/><\/a><br \/>\nThe Economist reported than prices in Manhattan fell by 4.3 per cent last year and that 60 per cent of home listed at $1 million or more in 2018 failed to sell. In Sydney, prime prices have slipped by 16 per cent since 2017.<\/p>\n<p style=\"text-align: justify;\">In London, home prices have fallen by 20 per cent from their 2014 peak, according to international realty group Savills. The Economist said that Brexit \u201chas not helped,\u201d but that Lucian Cook, head of research at Savills, said there were also \u201cbroader reasons for the slowdown [in London prices]: falling cross-border capital flows; government policy; the cost of money; and increased supply.\u201d<\/p>\n<p style=\"text-align: justify;\">Of the eight cities examined, only Berlin and San Francisco have yet to see home prices decrease.<\/p>\n<p style=\"text-align: justify;\">The report authors wrote that concurrent prices drops across prime cities are no coincidence, as global housing markets are now intrinsically interlinked.<\/p>\n<p style=\"text-align: justify;\">\u201cThe International Monetary Fund (IMF) observes that house-price movements have become increasingly correlated across the world, and that the link is greater between big cities than between countries. That is because housing is becoming a more global asset class rather than a purely local one. The prevailing winds of the international marketplace affect prime residential property much as they do shares and bonds. The IMF notes that international correlation increases at the time of severe recessions and can help predict the risk of a downturn.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2019\/03\/bc-real-estate-not-alone-home-prices-slide-across-prime-global-cities\" target=\"_blank\" rel=\"noopener noreferrer\">BC Real Estate Not Alone as Home Prices Slide Across Prime Global Cities<\/a> by Joannah Connolly | Glacier Media Real Estate | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s easy to think of Greater Victoria and Metro Vancouver real estate prices as being particularly hard-hit in the past couple of years, by a combination of provincial taxation measures &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/03\/bc-real-estate-not-alone-as-home-prices-slide-across-prime-global-cities\/\">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-11936","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>BC Real Estate Not Alone as Home Prices Slide Across Prime Global Cities &#8226; 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