{"id":13157,"date":"2019-07-24T11:11:04","date_gmt":"2019-07-24T18:11:04","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=13157"},"modified":"2019-07-12T10:14:40","modified_gmt":"2019-07-12T17:14:40","slug":"evolving-conditions-in-vancouver-real-estate-have-created-opportunities-for-prospective-top-tier-luxury-home-buyers","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/07\/evolving-conditions-in-vancouver-real-estate-have-created-opportunities-for-prospective-top-tier-luxury-home-buyers\/","title":{"rendered":"Evolving Conditions in Vancouver Real Estate Have Created Opportunities for Prospective Top-Tier Luxury Home Buyers"},"content":{"rendered":"<p style=\"text-align: justify;\">It\u2019s east versus west when it comes to the upper echelons of Canadian real estate.<\/p>\n<p style=\"text-align: justify;\">A new report from brokerage Sotheby\u2019s International Realty Canada highlights the chasm separating the luxury segments of housing markets on either end of the country.<\/p>\n<p style=\"text-align: justify;\">Price and sales performance of top-tier residential properties in Toronto and Montreal provide a stark contrast to the struggling luxury markets in Calgary and Vancouver, according to the Sotheby\u2019s 2019 Mid-Year Top-Tier Real Estate Report.<\/p>\n<p style=\"text-align: justify;\">A total of 103 properties priced over $4 million changed hands in the Greater Toronto Area, down 19 percent annually through the first six months of the year.<\/p>\n<p style=\"text-align: justify;\">But Sotheby\u2019s suggests this decline is inflated. Increasingly, well-heeled sellers are avoiding the multiple listings service system used by the Toronto Real Estate Board (and the source for the sales data in the report).<\/p>\n<p style=\"text-align: justify;\">Following the Supreme Court\u2019s refusal to hear the TREB\u2019s appeal of an earlier decision in favour of the Competition Bureau \u2014 which was battling the board over access to home sales data \u2014 wealthy sellers are exclusively listing homes to maintain privacy.<\/p>\n<p style=\"text-align: justify;\">Looking at just the city of Toronto, sales in the $4-million-plus range were roughly flat, declining 2 percent year-over-year in 2019\u2019s first half.<\/p>\n<p style=\"text-align: justify;\">To the east, Montreal\u2019s luxury market is on pace for a record-breaking year.<\/p>\n<p style=\"text-align: justify;\">Sales of condos priced above $1 million \u2014 considered to be a luxury threshold in this market, which is more affordable than Toronto \u2014 numbered 113 over the study period, up a jaw-dropping 40 percent annually.<\/p>\n<p style=\"text-align: justify;\">And 11 Montreal homes sold for upwards of $4 million, an increase of 267 percent compared to 2018\u2019s first half, although still only a small share of the market.<\/p>\n<p style=\"text-align: justify;\">Calgary\u2019s market remains overshadowed by previous highs recorded during the last oil boom, with the luxury market depressed, at least for now.<\/p>\n<p style=\"text-align: justify;\">\u201cWith the conclusion of the provincial election offering fresh optimism, and growth forecasted for the next half decade, it is expected that the city\u2019s top-tier market will continue to see a gradual recovery,\u201d reads the Sotheby\u2019s report.<\/p>\n<p style=\"text-align: justify;\">Just one Calgary home has sold for more than $4 million this year.<\/p>\n<p style=\"text-align: justify;\">And transactions involving residential property valued at more than $1 million plummeted 21 percent to a total of 275.<\/p>\n<p style=\"text-align: justify;\">Vancouver\u2019s decline was even more pronounced \u2014 some 73 homes priced over $4 million were snapped up, a 34-percent decline.<\/p>\n<p style=\"text-align: justify;\">\u201cEvolving conditions in Vancouver real estate have created opportunities for prospective top-tier real estate buyers to reevaluate housing options previously out of reach,\u201d says Sotheby\u2019s in the report.<\/p>\n<p style=\"text-align: justify;\">\u201cWith market recalibration well underway, activity is expected to regain momentum.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2019\/07\/luxury-home-sales-canada-split.html\" target=\"_blank\" rel=\"noopener noreferrer\">Luxury Home Sales Have Canada Split Down the Middle<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s east versus west when it comes to the upper echelons of Canadian real estate. A new report from brokerage Sotheby\u2019s International Realty Canada highlights the chasm separating the luxury &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/07\/evolving-conditions-in-vancouver-real-estate-have-created-opportunities-for-prospective-top-tier-luxury-home-buyers\/\">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-13157","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>Evolving Conditions in Vancouver Real Estate Have Created Opportunities for Prospective Top-Tier Luxury Home Buyers &#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\/07\/evolving-conditions-in-vancouver-real-estate-have-created-opportunities-for-prospective-top-tier-luxury-home-buyers\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Evolving Conditions in Vancouver Real Estate Have Created Opportunities for Prospective Top-Tier Luxury Home Buyers &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"It\u2019s east versus west when it comes to the upper echelons of Canadian real estate. A new report from brokerage Sotheby\u2019s International Realty Canada highlights the chasm separating the luxury &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/07\\\/evolving-conditions-in-vancouver-real-estate-have-created-opportunities-for-prospective-top-tier-luxury-home-buyers\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/07\\\/evolving-conditions-in-vancouver-real-estate-have-created-opportunities-for-prospective-top-tier-luxury-home-buyers\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Evolving Conditions in Vancouver Real Estate Have Created Opportunities for Prospective Top-Tier Luxury Home Buyers\",\"datePublished\":\"2019-07-24T18:11:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/07\\\/evolving-conditions-in-vancouver-real-estate-have-created-opportunities-for-prospective-top-tier-luxury-home-buyers\\\/\"},\"wordCount\":448,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/07\\\/evolving-conditions-in-vancouver-real-estate-have-created-opportunities-for-prospective-top-tier-luxury-home-buyers\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/07\\\/evolving-conditions-in-vancouver-real-estate-have-created-opportunities-for-prospective-top-tier-luxury-home-buyers\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/07\\\/evolving-conditions-in-vancouver-real-estate-have-created-opportunities-for-prospective-top-tier-luxury-home-buyers\\\/\",\"name\":\"Evolving Conditions in Vancouver Real Estate Have Created Opportunities for Prospective Top-Tier Luxury Home Buyers &#8226; 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