{"id":15043,"date":"2020-03-09T10:10:00","date_gmt":"2020-03-09T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=15043"},"modified":"2020-03-03T12:47:46","modified_gmt":"2020-03-03T20:47:46","slug":"greater-vancouver-has-healthy-demand-for-prime-luxury-real-estate","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/03\/greater-vancouver-has-healthy-demand-for-prime-luxury-real-estate\/","title":{"rendered":"Greater Vancouver Has Healthy Demand for Prime Luxury Real Estate"},"content":{"rendered":"<p style=\"text-align: justify;\">Although Metro Vancouver\u2019s MLS home sales and prices have been recovering from their recent downturn since last summer, it\u2019s a different story when looking at the luxury sector in isolation, according to a new report by Royal LePage.<\/p>\n<p style=\"text-align: justify;\">The national brokerage issued a forecast February 25, reporting that the median price of a luxury house in Metro Vancouver at the end of January 2020 was $5,394,594, which is 6.7% year-over-year decline. Luxury condos in the region dropped 4.4% to $2,411,773 over the same period, it added.<\/p>\n<p style=\"text-align: justify;\">However, Royal LePage said that recent signs of recovery in the market will eventually trickle up to push up prices in the luxury sector, albeit at a slower pace than the lower end of the market.<\/p>\n<p style=\"text-align: justify;\">The report said, \u201cWhile luxury real estate in Greater Vancouver is showing year-over-year declines in median prices for both houses and condominiums over the twelve-month period, a significant boost in luxury unit sales since October 2019 is moving the market towards stabilization. From October 1, 2019 to January 31, 2020, the median price of a luxury house in Greater Vancouver decreased 1.3% year-over-year, while the median price of a condominium was relatively flat, posting a 0.2% year-over-year increase.\u201d<\/p>\n<p style=\"text-align: justify;\">Jason Soprovich, a West Vancouver realtor with Royal LePage Sussex, said, \u201cMetro Vancouver\u2019s residential real estate market is shifting towards a balanced market and this trend has been moving upward through the luxury market. There is healthy demand for homes priced between $3 million and $5 million, and this segment is starting to stabilize. It will take more time for the upper-end segment to move into a balanced market, but it is expected.\u201d<\/p>\n<p style=\"text-align: justify;\">The report added that luxury home prices in the region were expected to continue their decline, but with relatively \u201cmodest\u201d drops, over the coming year.<\/p>\n<p style=\"text-align: justify;\">Royal LePage expects the median price of a Metro Vancovuer luxury house to fall another 2% year-over-year to $5,287,000, while the median price of a luxury condo is predicted to slip 1.5% to $2,376,000.<\/p>\n<p style=\"text-align: justify;\"><strong>National Picture<\/strong><\/p>\n<p style=\"text-align: justify;\">Across Canada, the national report said that the Greater Montreal Area had posted highest appreciation in Canada over the year, for both luxury houses (up 8.5%) and condos (up 8.3%). This was followed by Greater Toronto Area luxury condos, which were 7% higher than one year previously.<\/p>\n<p style=\"text-align: justify;\">Royal LePage said of the two metropolitan regions, \u201cLimited inventory and high demand will continue to fuel luxury home price growth, and Royal LePage forecasts continued price appreciation across GMA and GTA luxury markets.\u201d<\/p>\n<p style=\"text-align: justify;\">The report said that Greater Ottawa\u2019s luxury housing market has seen a balanced market for luxury houses (prices up 2.7%) and condos (up 2.2%) \u201cas new-build prices push demand for resale listings,\u201d it added.<\/p>\n<p style=\"text-align: justify;\">Greater Calgary\u2019s luxury home market told a similar story to Metro Vancouver, with prime real estate prices softening, but signs of renewed market activity leading to optimism.<\/p>\n<p style=\"text-align: justify;\">Royal LePage\u2019s report said, \u201cCalgary\u2019s luxury house prices are expected to be relatively flat [over the coming year]. The median price of a luxury house is expected to decrease by 0.5% to $1,941,000 while the median price of luxury condominium is forecast to decrease 3.0% to $860,000.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2020\/02\/metro-vancouvers-luxury-home-prices-forecast-slip-further\" target=\"_blank\" rel=\"noopener noreferrer\">Metro Vancouver&#8217;s Luxury Home Prices Forecast to Slip Further<\/a> by Joannah Connolly | Glacier Media Real Estate | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Although Metro Vancouver\u2019s MLS home sales and prices have been recovering from their recent downturn since last summer, it\u2019s a different story when looking at the luxury sector in isolation, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/03\/greater-vancouver-has-healthy-demand-for-prime-luxury-real-estate\/\">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-15043","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>Greater Vancouver Has Healthy Demand for Prime Luxury Real Estate &#8226; 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