{"id":13776,"date":"2019-10-02T10:10:17","date_gmt":"2019-10-02T17:10:17","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=13776"},"modified":"2019-10-01T19:43:16","modified_gmt":"2019-10-02T02:43:16","slug":"vancouvers-1m-plus-residential-resale-market-is-set-to-recovery-this-fall","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/10\/vancouvers-1m-plus-residential-resale-market-is-set-to-recovery-this-fall\/","title":{"rendered":"Vancouver&#8217;s $1M-Plus Residential Resale Market is Set to Recovery This Fall"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver\u2019s $1 million-plus residential resale market is set to see a gradual recovery from this fall, according to a September 25 forecast from Sotheby\u2019s International Realty Canada.<\/p>\n<p style=\"text-align: justify;\">The brokerage said that the signs are there that the city\u2019s housing market is already on the rebound, pointing to board statistics that Greater Vancouver sales increased 23.5% and 15.7% year-over-year in July and August respectively.<\/p>\n<p style=\"text-align: justify;\">In the city of Vancouver proper, home sales over $1 million (all property types) in July and August increased 25% from 2018 levels to 564 properties sold. Sotheby\u2019s described this as \u201ca significant turnaround from the 33% year-over-year decrease in sales over $1 million experienced in the first half of 2019.\u201d<\/p>\n<p style=\"text-align: justify;\">The report added, \u201cThe renewal of top-tier sales is largely taking place in the market for housing under $2 million; sales [in July and August] between $1 million and $2 million increased 30% [year over year] to 411 properties, while sales between $2 million and $4 million increased 26% to 132 units.\u201d<\/p>\n<p style=\"text-align: justify;\">The improvement seen so far for single-family homes in the $1-2 million bracket was the highest, with sales in July and August up 45% compared with July and August 2018. The report said that \u201cconsumer interest and activity has rekindled in the city\u2019s single family home market, largely due to a decline in benchmark prices.\u201d Attached home sales in the $1-2 million range also increased 44% in the summer, versus the same period last year.<\/p>\n<p style=\"text-align: justify;\">This activity was offset by July\/August condo sales above $1 million, which fell 5% year over year. This may be due to a lack of activity, or a drop in prices that has taken many of the previously $1 million-plus condo sales into the sub-$1 million category \u2014 or a combination of both.<\/p>\n<p style=\"text-align: justify;\">The high-end sector is still struggling, but it makes up a much smaller share of the market, reported Sotheby\u2019s. It said, \u201c$4 million-plus sales declined 32 per cent year-over-year to 21 units sold in July and August 2019.\u201d<\/p>\n<p style=\"text-align: justify;\">Don Kottick, president and CEO of Sotheby\u2019s International Realty Canada, said in an interview, \u201cOur forecast is based on a number of factors, not just the recent uptick in sales. Low unemployment is supporting housing demand. But we also have a lot of pent-up buyer demand, and that\u2019s creating high activity. With the continued decline of prices over the last little while, it has brought potential buyers into the market who were previously priced out of that market. And the other thing we\u2019re seeing is that people with million-dollar budgets are now able to buy the kinds of homes that they couldn\u2019t a few years ago. So it\u2019s opened up a bunch of options.\u201d<\/p>\n<p style=\"text-align: justify;\">Kottick added, \u201cThere are also key indicators that we track. If you look at number of days homes are taking to sell, if you look at the sales-to-active-listings ratios, both are suggesting a balanced market. We\u2019re also seeing September sales figures so far exceeding August\u2019s, which is unusual. So it remains to be seen, but it could be a telltale sign we\u2019ve reached the bottom of the market.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2019\/09\/vancouvers-1m-plus-residential-market-see-gradual-recovery-forecast\" target=\"_blank\" rel=\"noopener noreferrer\">Vancouver&#8217;s $1M-Plus Residential Market to See Gradual Recovery<\/a> by Joannah Connolly | Glacier Media Real Estate | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver\u2019s $1 million-plus residential resale market is set to see a gradual recovery from this fall, according to a September 25 forecast from Sotheby\u2019s International Realty Canada. The brokerage said &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/10\/vancouvers-1m-plus-residential-resale-market-is-set-to-recovery-this-fall\/\">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-13776","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 $1M-Plus Residential Resale Market is Set to Recovery This Fall &#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\/10\/vancouvers-1m-plus-residential-resale-market-is-set-to-recovery-this-fall\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver&#039;s $1M-Plus Residential Resale Market is Set to Recovery This Fall &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver\u2019s $1 million-plus residential resale market is set to see a gradual recovery from this fall, according to a September 25 forecast from Sotheby\u2019s International Realty Canada. 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