{"id":24653,"date":"2024-09-24T11:11:30","date_gmt":"2024-09-24T18:11:30","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=24653"},"modified":"2024-09-20T10:19:10","modified_gmt":"2024-09-20T17:19:10","slug":"metro-vancouver-luxury-home-sales-down-40-but-bargains-remain-elusive","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/09\/metro-vancouver-luxury-home-sales-down-40-but-bargains-remain-elusive\/","title":{"rendered":"Metro Vancouver Luxury Home Sales Down 40%, But Bargains Remain Elusive"},"content":{"rendered":"<p style=\"text-align: justify;\">Sellers of luxury properties in Metro Vancouver are in no hurry to sell, resulting in fewer sales transactions as they wait for prospective buyers to meet their desired prices.<\/p>\n<p style=\"text-align: justify;\">Sales of luxury properties decreased 38.8% in the first eight months of 2024 compared to the same period in 2023, while prices fell just 1.8%, according to the 2024 Royal LePage Carriage Trade Luxury Market Report released on Thursday.<\/p>\n<p style=\"text-align: justify;\">\u201cBuyers are ..\u2026 waiting for that perfect property and are hopeful that sellers will reduce their expectations, but we just continue to see that sellers are holding strong and not really willing to move on their price,\u201d said Jesse Dean Cook, a sales representative with Royal LePage Sussex.<\/p>\n<p style=\"text-align: justify;\">There are few distressed sellers in this property segment, and buyers are waiting to time the bottom of interest rates, resulting in fewer deals for properties like waterfront mansions in West Vancouver, opulent estates in Whistler and downtown penthouses with multiple floors and 360-degree views.<\/p>\n<p style=\"text-align: justify;\">Cook said these types of properties are relatively scarce, and their current owners are often mortgage-free and very wealthy, resulting in price inelasticity.<\/p>\n<p style=\"text-align: justify;\">\u201cA lot of these [sellers] don\u2019t have mortgages, they are incredibly wealthy and have properties and investments all around the world,\u201d he said. \u201cA lot of buyers are hopeful to find distressed sellers, but we\u2019re not seeing a lot of that in this upper luxury segment at the moment.\u201d<\/p>\n<p style=\"text-align: justify;\">Buyers, meanwhile, tend to be successful business owners who have sold their companies and \u201care looking for that 20-year property,\u201d said Cook. As a result of the federal foreign buyer prohibition in effect since 2023, virtually all buyers are now local, with a handful from Alberta or back east.<\/p>\n<p style=\"text-align: justify;\">While the foreign-buyer ban has moderated demand, recent interest-rate movements have had a modest impact since many buyers do not necessarily require financing, although every reduction can still incentivize them to close a deal.<\/p>\n<p style=\"text-align: justify;\">\u201cFor buyers in the luxury market, to get potentially to where they need to get to, if rates fall a bit more then it\u2019s more beneficial for them to enter that segment,\u201d said Cook. \u201cThey are pushing to try and meet that sales threshold and every quarter-point does help them.\u201d<\/p>\n<p style=\"text-align: justify;\">The Royal LePage report defines luxury properties in Vancouver as those with prices of at least $5.5 million. Properties that have sold over this threshold in Vancouver this year had a median price of $6,975,000 with an average of 5.2 bedrooms and six bathrooms.<\/p>\n<p style=\"text-align: justify;\">Cook expects prices to remain firm for the next three to six months, though 2025 may see a robust spring market as interest rates continue their expected downward trajectory.<\/p>\n<p style=\"text-align: justify;\">For now, bargains are few and far between, whether for lakefront properties in the Okanagan, gated mansions in Shaughnessy or view homes on Vancouver\u2019s west side.<\/p>\n<p style=\"text-align: justify;\">\u201cOverall, buyers are frustrated in this segment,\u201d Cook said. \u201cThey\u2019ve got a lot of money and want to spend it, but sellers again continue to dig in their heels and wait for their price.\u201d<\/p>\n<p><a href=\"https:\/\/www.biv.com\/news\/real-estate\/metro-vancouver-luxury-property-sellers-arent-budging-on-prices-says-royal-lepage-9544458\" target=\"_blank\" rel=\"noopener\">Royal LePage : Metro Vancouver Luxury-Property Sellers aren&#8217;t Budging on Prices<\/a> by Jami Makan | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sellers of luxury properties in Metro Vancouver are in no hurry to sell, resulting in fewer sales transactions as they wait for prospective buyers to meet their desired prices. Sales &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2024\/09\/metro-vancouver-luxury-home-sales-down-40-but-bargains-remain-elusive\/\">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":[8,13],"tags":[],"class_list":["post-24653","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Metro Vancouver Luxury Home Sales Down 40%, But Bargains Remain Elusive &#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\/2024\/09\/metro-vancouver-luxury-home-sales-down-40-but-bargains-remain-elusive\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Metro Vancouver Luxury Home Sales Down 40%, But Bargains Remain Elusive &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Sellers of luxury properties in Metro Vancouver are in no hurry to sell, resulting in fewer sales transactions as they wait for prospective buyers to meet their desired prices. 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