{"id":12624,"date":"2019-06-03T10:10:49","date_gmt":"2019-06-03T17:10:49","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12624"},"modified":"2019-05-21T14:47:55","modified_gmt":"2019-05-21T21:47:55","slug":"metro-vancouvers-luxury-housing-market-is-now-a-buyers-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/06\/metro-vancouvers-luxury-housing-market-is-now-a-buyers-market\/","title":{"rendered":"Metro Vancouver&#8217;s Luxury Housing Market is Now A Buyer&#8217;s Market"},"content":{"rendered":"<p style=\"text-align: justify;\">A new report released today by Engel &amp; V\u00f6lkers has determined that the housing market in Metro Vancouver has transitioned into a buyer\u2019s market \u2014 particularly for luxury housing.<\/p>\n<p style=\"text-align: justify;\">Based on industry data, overall sales in the region in March dipped 46.3% below the 10-year sales average for the month, which happens to be the lowest since 1986.<\/p>\n<p style=\"text-align: justify;\">Conversely, the total number of listings in April, buoyed by low sales numbers, climbed by 46.2% in April compared to last year, and these conditions pushed down the benchmark price in the city by 8.4% over the same period in 2018.<\/p>\n<p style=\"text-align: justify;\">But these same conditions that have caused prices to fall may also open up housing ownership opportunities to a segment of prospective homebuyers later this year.<\/p>\n<p style=\"text-align: justify;\">\u201cWith buyers holding on the sidelines creating less demand, sellers are reacting by adjusting prices down to sell in a buyer\u2019s market. This increase in affordability, coupled with steady interest and mortgage rates, may help boost the market this spring,\u201d reads the report.<\/p>\n<p style=\"text-align: justify;\">However, younger prospective homebuyers hoping to pass the heightened mortgage stress test are struggling to overcome the new requirements, and this has negatively affected the demand of Vancouver\u2019s once-robust housing market.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019re seeing millennial buyers apply for mortgages, but struggling to secure them due to the mortgage stress test. Some are finding their way around the test limitations by turning to their families for financial assistance and engaging parents and grandparents as co-signers,\u201d the report continues.<\/p>\n<p style=\"text-align: justify;\">\u201cInterestingly, and in contrast to the \u2018avocado toast\u2019 theory, millennials are showing more responsible financial behaviours and creating savings, willing to forgo certain luxuries like cars in order to make first-home purchases.\u201d<\/p>\n<p style=\"text-align: justify;\">The report notes that its analysts expect fixed mortgage rates to fall in the next two quarters, which may potentially help boost home sales later this year.<\/p>\n<p style=\"text-align: justify;\">For the time being, an increasing number of younger homebuyers have been pursuing alternative housing markets \u2014 more affordable housing markets out of the city and in the suburbs, such as Burnaby, Langley, Surrey, and Delta.<\/p>\n<p style=\"text-align: justify;\">\u201cThe condominium and attached dwelling market in developing areas continues to remain strong. A growing market segment is looking for affordable but livable family homes as detached homes increase in price,\u201d adds the report.<\/p>\n<p style=\"text-align: justify;\">The most expensive prime location for real estate remains West Vancouver, followed by the waterfront areas of West Point Grey in Vancouver and downtown Vancouver.<\/p>\n<p style=\"text-align: justify;\">When it comes to secondary ski, ocean, and recreational properties in Whistler, Sun Peaks, Big White, and on Vancouver Island, recent taxation changes on such properties are beginning to have a significant impact on these secondary homes.<\/p>\n<p style=\"text-align: justify;\">Over in Victoria, the capital region\u2019s luxury market has also seen a dip, transitioning into a buyer\u2019s market as well. Its active listing inventory for April saw an increase of 37.4% over the same period in 2018, which has largely affected the $1+ million home category.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/dailyhive.com\/vancouver\/metro-vancouver-luxury-housing-buyers-market-may-2019\" target=\"_blank\" rel=\"noopener noreferrer\">Metro Vancouver&#8217;s Luxury Housing Market is Now A Buyer&#8217;s Market<\/a> by Kenneth Chan | Daily Hive<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new report released today by Engel &amp; V\u00f6lkers has determined that the housing market in Metro Vancouver has transitioned into a buyer\u2019s market \u2014 particularly for luxury housing. Based &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/06\/metro-vancouvers-luxury-housing-market-is-now-a-buyers-market\/\">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-12624","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>Metro Vancouver&#039;s Luxury Housing Market is Now A Buyer&#039;s Market &#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\/06\/metro-vancouvers-luxury-housing-market-is-now-a-buyers-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Metro Vancouver&#039;s Luxury Housing Market is Now A Buyer&#039;s Market &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"A new report released today by Engel &amp; V\u00f6lkers has determined that the housing market in Metro Vancouver has transitioned into a buyer\u2019s market \u2014 particularly for luxury housing. 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