{"id":14664,"date":"2020-01-22T11:11:00","date_gmt":"2020-01-22T19:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=14664"},"modified":"2020-01-22T10:22:28","modified_gmt":"2020-01-22T18:22:28","slug":"luxury-home-activity-over-4m-placed-a-drag-on-overall-top-tier-market-performance","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/01\/luxury-home-activity-over-4m-placed-a-drag-on-overall-top-tier-market-performance\/","title":{"rendered":"Luxury-Home Activity Over $4M Placed A Drag on Overall Top-Tier Market Performance"},"content":{"rendered":"<p style=\"text-align: justify;\">Although the million-dollar-plus real estate sector in Vancouver saw a jump in activity in the last six months of 2019, the same is not true for the $4 million-plus luxury sector, according to a report released January 15 by Sotheby\u2019s International Realty Canada.<\/p>\n<p style=\"text-align: justify;\">Homes priced above $4 million in the city saw sales decline by 12% in the year\u2019s second half, compared with the same period in 2018, said the report.<\/p>\n<p style=\"text-align: justify;\">This compares with overall sales over $1 million increasing 37% year over year between July and December 2019, and sales in the $2-4 million range rising 32%.<\/p>\n<p style=\"text-align: justify;\">Most of the decline in $4 million-plus home sales was seen, perhaps surprisingly, in Vancouver\u2019s condo sector. Sales in that market above $4 million were down 31% year over year in the latter half of 2019. In comparison, detached home sales above $4 million fell a relatively modest 5% in the same period.<\/p>\n<p style=\"text-align: justify;\">Sotheby\u2019s wrote that housing taxes aimed at investors and second-home owners were responsible for the softening in the $4 million market. The report said, \u201cLuxury real estate activity over $4 million placed a drag on overall top-tier market performance. The cooldown in this ultra-luxury market is attributable to several factors related to the introduction of multiple taxes and policies aimed at limiting international investment and unoccupied dwellings. These have calmed demand from pure investors and second-home buyers, redirecting some of that interest to markets such as Montreal and Toronto.\u201d<\/p>\n<p style=\"text-align: justify;\">The report did not, however, identify whether there was simply less sales activity in Vancouver or whether some of the homes that would have previously been priced above $4 million had fallen into the $2-4 million category, due to price declines.<\/p>\n<p style=\"text-align: justify;\">Despite the high-end market remaining soft, because of the overall recovery in the $1 million-plus home market seen in the second half of the year, Sotheby\u2019s predicted that Vancouver\u2019s real estate sector would continue to regain lost ground.<\/p>\n<p style=\"text-align: justify;\">Sotheby\u2019s concluded, \u201cWith a strong economy propelling in-migration and immigration to a city that ranked sixth in the Economist Intelligence Unit\u2019s Global Liveability Index in 2019, Vancouver\u2019s top-tier market is expected to strengthen into the first quarter of 2020.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2020\/01\/vancouvers-weak-luxury-home-sector-dragging-overall-recovery-sothebys\" target=\"_blank\" rel=\"noopener noreferrer\">Sotheby&#8217;s : Vancouver&#8217;s Weak Luxury-Home Sector Dragging on Overall Recovery<\/a> by Joannah Connolly | Glacier Media Real Estate | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Although the million-dollar-plus real estate sector in Vancouver saw a jump in activity in the last six months of 2019, the same is not true for the $4 million-plus luxury &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/01\/luxury-home-activity-over-4m-placed-a-drag-on-overall-top-tier-market-performance\/\">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-14664","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Luxury-Home Activity Over $4M Placed A Drag on Overall Top-Tier Market Performance &#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\/2020\/01\/luxury-home-activity-over-4m-placed-a-drag-on-overall-top-tier-market-performance\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Luxury-Home Activity Over $4M Placed A Drag on Overall Top-Tier Market Performance &#8226; 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