{"id":16691,"date":"2020-10-28T11:11:00","date_gmt":"2020-10-28T18:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16691"},"modified":"2020-10-03T14:56:14","modified_gmt":"2020-10-03T21:56:14","slug":"vancouvers-luxury-home-market-is-recovering","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/10\/vancouvers-luxury-home-market-is-recovering\/","title":{"rendered":"Vancouver&#8217;s Luxury Home Market is Recovering"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver\u2019s luxury home market is recovering with demand and price increases for properties over $5 million, according to a real estate report Wednesday.<\/p>\n<p style=\"text-align: justify;\">The Royal LePage report says the median price of a luxury house rose 3.9% in Vancouver to $4,010,000, and 8.6% to $4,180,000 in the greater region since the onset of the COVID-19 pandemic in mid-March.<\/p>\n<p style=\"text-align: justify;\">Over the same period, the median price of a luxury condo rose 11.2% to $2,065,000 in the city, and 10% to $2,035,000 in Metro Vancouver.<\/p>\n<p style=\"text-align: justify;\">Royal LePage defines luxury property as having a value above three times the median price of a house or condo in its region. The real estate agent says the growth in price in Metro reflects buyers taking advantage of the lower price-per-square-foot, allowing them to buy a larger home.<\/p>\n<p style=\"text-align: justify;\">\u201cVancouver\u2019s real estate market has been recovering slowly upward from the entry-level segment and is now emerging in the luxury segment. While activity has been brisk for properties priced below $4 million, it has only been the past few months that we have seen clear signs of improving demand and price appreciation for properties above $5 million,\u201d said Jason Soprovich, a sales representative for Royal LePage Sussex.<\/p>\n<p style=\"text-align: justify;\">Soprovich said price gains are seen as recovered equity after a sustained correction of price-softening and low sales.<\/p>\n<p style=\"text-align: justify;\">\u201cConsumer confidence is back, but buyers remain price-sensitive. The best strategy for a successful sale is accurate pricing from the start,\u201d said Soprovich.<\/p>\n<p style=\"text-align: justify;\">Soprovich added that if interest rates remain low and economic conditions remain stable, he expects pent-up demand for luxury properties to continue through the rest of the year.<\/p>\n<p style=\"text-align: justify;\">\u201cBuyers took advantage of price-softening of luxury homes priced below $4 million but those opportunities are becoming more rare,\u201d said Soprovich. \u201cThe gap between the asking price and selling price is quickly narrowing for homes priced over $5 million, but there are still many buying opportunities.\u201d<\/p>\n<p style=\"text-align: justify;\">Meanwhile, Metro remains a top destination for offshore buyers of luxury properties , with marketers saying COVID-19 is stimulating their demand for \u201csafe\u201d havens. Luxury housing values in the region were down for the two years before COVID-19 . And indications are that prosperous buyers are now looking for possible pandemic discounts.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.msn.com\/en-ca\/money\/finance-real-estate\/vancouvers-luxury-home-market-recovering-report\/ar-BB19A7ZT\" target=\"_blank\" rel=\"noopener noreferrer\">Vancouver&#8217;s Luxury Home Market Recovering<\/a> by Tiffany Crawford | Vancouver Sun | MSN Real Estate<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver\u2019s luxury home market is recovering with demand and price increases for properties over $5 million, according to a real estate report Wednesday. The Royal LePage report says the median &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/10\/vancouvers-luxury-home-market-is-recovering\/\">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-16691","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vancouver&#039;s Luxury Home Market is Recovering &#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\/10\/vancouvers-luxury-home-market-is-recovering\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver&#039;s Luxury Home Market is Recovering &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver\u2019s luxury home market is recovering with demand and price increases for properties over $5 million, according to a real estate report Wednesday. 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