{"id":13171,"date":"2019-07-26T10:10:52","date_gmt":"2019-07-26T17:10:52","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=13171"},"modified":"2019-07-12T22:14:30","modified_gmt":"2019-07-13T05:14:30","slug":"vancouvers-luxury-housing-market-expected-to-regain-momentum-this-year","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/07\/vancouvers-luxury-housing-market-expected-to-regain-momentum-this-year\/","title":{"rendered":"Vancouver&#8217;s Luxury Housing Market &#8220;Expected to Regain Momentum&#8221; This Year"},"content":{"rendered":"<p style=\"text-align: justify;\">A new report released today provides an update on the market conditions of the city of Vancouver\u2019s luxury residential market.<\/p>\n<p style=\"text-align: justify;\">During the first half of 2019, compared to the same period in the previous year, Sotheby\u2019s International Realty Canada\u2019s bi-annual top-tier real estate report notes the overall $1-million to $2-million segment of the market saw a 33% decrease in sales, while the $2-million to $3-million segment experienced a similar 31% drop.<\/p>\n<p style=\"text-align: justify;\">Decreases for properties over $4 million were even higher at 49% year-over-year for the same period.<\/p>\n<p style=\"text-align: justify;\">Like its previous report, analysts with the firm blame the effects of tightened mortgage stress tests, multi-tiered governmental policies and taxes, and waning motivation from buyers and sellers to commit to transactions.<\/p>\n<p style=\"text-align: justify;\">There was an uptick in homebuyer interest and open house activity in early spring, but it did not translate into a lasting renewal in sales activity. With that said, analysts say the gap between the purchaser and seller expectations continued to narrow over the spring, and by June there were quality properties at discounted prices \u2014 reflecting current market conditions \u2014 \u201cattracting motivated buyers and intermittent multiple offers.\u201d<\/p>\n<p style=\"text-align: justify;\">A consistent period of improved activity could lead to a solid upswing in demand, possibly by the end of 2019.<\/p>\n<p style=\"text-align: justify;\">\u201cThere are strong signals that pent-up demand, as well as the gradual reconciliation of sellers\u2019 pricing expectations to current market conditions, are setting the stage for activity at new levels in the latter part of the year,\u201d reads the report.<\/p>\n<p style=\"text-align: justify;\">\u201cEvolving conditions in Vancouver real estate have created opportunities for prospective top-tier real estate buyers to consider housing options previously out of reach. With market recalibration well underway, activity is expected to regain momentum.\u201d<\/p>\n<p style=\"text-align: justify;\">For the city\u2019s condominium market, sale volumes saw declines that were more steep than single-family and attached home segments, with sales falling by 51% in the first half of 2019.<\/p>\n<p style=\"text-align: justify;\">Even with the overall drop in the segment, condominiums between $1 million and $2 million experienced the strongest consumer demand and activity, while sales for condominiums over $4 million saw the most significant decline, with a 78% decrease. Just five high-end condominium units were sold, compared to 23 units in the same period in 2018.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile the slowdown in Vancouver\u2019s condo market is partly attributed to general market uneasiness and buyers\u2019 reluctance to commit to transacting, it has also been influenced by the fact that building supply and price declines in the single family and attached home markets have steered potential condo buyers to these housing types,\u201d continued the report.<\/p>\n<p style=\"text-align: justify;\">\u201cFurthermore, due to downward price adjustments, condominiums that would have sold above $1 million in previous years are now selling below this price, deflating sales volume figures. Top-tier condo activity is expected to continue to moderate in the third quarter of 2019.\u201d<\/p>\n<p style=\"text-align: justify;\">Sales activity for townhomes also fell in the first half of 2019, with sales dropping by 32% for properties over $1 million. This is due to increased inventory options and downward prices in the single-family dwelling market.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile top-tier attached homes remain a desirable option for real estate consumers, price declines in both the single family home and condo markets have dispersed interest and demand,\u201d adds the report.<\/p>\n<p style=\"text-align: justify;\">As for single-family dwellings, this sector of the market is seeing a fourth consecutive year of declining sales activity, but there have been some upticks in activity as a result of the depressed prices.<\/p>\n<p style=\"text-align: justify;\">\u201cThe discord between seller and buyer expectations over pricing began to resolve as the spring progressed. As prices have adjusted downwards to reflect current market conditions, quality single family homes in the city\u2019s top neighbourhoods are drawing offers, and in some cases, multiple bids,\u201d reads the report.<\/p>\n<p style=\"text-align: justify;\">Single-family dwelling sales over $1 million fell by 18% to 723 units in the first half of 2019, compared to 885 units in the same period the previous year.<\/p>\n<p style=\"text-align: justify;\">Sales between $2 million and $4 million saw a 27% decline in volume to 266 units sold in the first six months of 2018, compared to 364 units sold in the same time period in 2018. Luxury sales over $4 million fell 23% to 66 homes sold in the first six months of 2019, compared to 86 homes sold in the same time period last year.<\/p>\n<p style=\"text-align: justify;\">\u201cAs inventory continues to rise, the market is now strongly advantageous for buyers. While affordability barriers to single family home ownership remain, Vancouver\u2019s market conditions are expected to reveal favourable opportunities for astute purchasers and investors into the latter half of 2019,\u201d the report adds.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/dailyhive.com\/vancouver\/sothebys-vancouver-housing-report-july-2019\" target=\"_blank\" rel=\"noopener noreferrer\">Vancouver&#8217;s Luxury Housing Market &#8220;Expected to Regain Momentum&#8221; This Year<\/a> by Kenneth Chan | Daily Hive<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new report released today provides an update on the market conditions of the city of Vancouver\u2019s luxury residential market. During the first half of 2019, compared to the same &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/07\/vancouvers-luxury-housing-market-expected-to-regain-momentum-this-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-13171","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>Vancouver&#039;s Luxury Housing Market &quot;Expected to Regain Momentum&quot; This 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\/07\/vancouvers-luxury-housing-market-expected-to-regain-momentum-this-year\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver&#039;s Luxury Housing Market &quot;Expected to Regain Momentum&quot; This Year &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"A new report released today provides an update on the market conditions of the city of Vancouver\u2019s luxury residential market. 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