{"id":24864,"date":"2024-11-07T10:10:13","date_gmt":"2024-11-07T18:10:13","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=24864"},"modified":"2024-10-25T09:48:41","modified_gmt":"2024-10-25T16:48:41","slug":"soft-sales-of-luxury-home-over-4m-fell-13-this-summer-in-vancouver","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/11\/soft-sales-of-luxury-home-over-4m-fell-13-this-summer-in-vancouver\/","title":{"rendered":"Soft Sales of Luxury Home (Over $4M) Fell 13% This Summer in Vancouver"},"content":{"rendered":"<p style=\"text-align: justify;\">Sales of luxury homes are declining in Vancouver, creating a unique window for buyers to capitalize on a market defined by transitory interest rates, political uncertainty and growing inventory, says a new report.<\/p>\n<p style=\"text-align: justify;\">During the summer months, luxury residential real estate sales over $4 million in the City of Vancouver fell 13% to 49 sales in July and August, compared to the same period in 2023, according to Sotheby\u2019s International Realty Canada.<\/p>\n<p style=\"text-align: justify;\">The firm\u2019s Oct. 23 report found there were 12 luxury sales over $4 million in September, down 52% from 25 properties sold during the same period last year.<\/p>\n<p style=\"text-align: justify;\">Factors behind the buyer&#8217;s market include the high cost of living, public safety concerns, the uncertain political climate and a greater willingness by sellers to negotiate, said the brokerage\u2019s president and CEO, Don Kottick.<\/p>\n<p style=\"text-align: justify;\">\u201cWe definitely have moved into or shifted to a buyer\u2019s market,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019re definitely seeing some softer sales. A lot of it has to do with challenges related to high housing prices, the high cost of living, and then there\u2019s some of the recent outbursts with safety concerns. As a result of that, what happened is market sentiment in Vancouver has been somewhat dampened.\u201d<\/p>\n<p style=\"text-align: justify;\">In addition to concerns about crime and disorder, Kottick also pointed to political uncertainty at the provincial and federal levels as a factor in reduced demand for luxury homes.<\/p>\n<p style=\"text-align: justify;\">\u201cWhenever there\u2019s an election you never know what the impact is going to be,\u201d he said. \u201cWhen we have the federal election, we will see somewhat of a market reaction. Some people were taking a wait-and-see approach to see what would happen in the provincial election. These are all things that have kind of basically impacted the market.\u201d<\/p>\n<p style=\"text-align: justify;\">He also highlighted the federal government\u2019s ban on foreign buyers until 2027, which has resulted in almost all buyers being local, with very little interprovincial migration.<\/p>\n<p style=\"text-align: justify;\">Still, the biggest determinant may be the Bank of Canada\u2019s adjustment of its key rate, which was reduced Wednesday from 4.25% to 3.75%, the latest easing from a recent five-per-cent peak.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019ve had a couple of rate drops and with each one, we always expect more of these buyers to come from the sidelines,\u201d Kottick said.<\/p>\n<p style=\"text-align: justify;\">\u201cAt some point, the market is going to be re-engaged. Rates have come down substantially and some people will think there is an opportunity in the market before we start to see things moving the other way. \u2026.. People could sense that there could be unique opportunities for buyers and investors to capitalize on where we are in the current market.\u201d<\/p>\n<p style=\"text-align: justify;\">Kottick said while interest rates may not necessarily sway buyers in the \u201cultra-luxury\u201d segment of $10 million and above, they do make a difference to purchasers crossing the $4-million threshold from the &#8220;conventional&#8221; to luxury levels.<\/p>\n<p style=\"text-align: justify;\">With growing inventory and more listings to choose from, buyers may find that sellers are more willing to negotiate.<\/p>\n<p style=\"text-align: justify;\">\u201cIf you go back maybe a year or so ago, there was a huge gap between what buyers\u2019 expectations were and what sellers\u2019 expectations were,\u201d Kottick said.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019re starting to see that gap over time closing. ..\u2026 I think sellers coming on the market now are much more realistic than they were a year or so ago, and as a result of that, because that gap has closed, it\u2019s resulted in more successful negotiations than what would have happened a year or so ago.\u201d<\/p>\n<p style=\"text-align: justify;\">The Sotheby\u2019s Canada CEO said detached homes remain the preferred category for luxury buyers.<\/p>\n<p style=\"text-align: justify;\">\u201cSingle-family homes are what people want, and we\u2019ve seen a softening of the condo market specifically in Vancouver and Toronto at this time.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.biv.com\/news\/real-estate\/buyers-market-emerges-in-vancouver-luxury-real-estate-says-top-brokerage-9702909\" target=\"_blank\" rel=\"noopener\">Buyer&#8217;s Market Emerges in Vancouver Luxury Real Estate, Says Top Brokerage<\/a> by Jami Makan | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sales of luxury homes are declining in Vancouver, creating a unique window for buyers to capitalize on a market defined by transitory interest rates, political uncertainty and growing inventory, says &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2024\/11\/soft-sales-of-luxury-home-over-4m-fell-13-this-summer-in-vancouver\/\">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-24864","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 v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Soft Sales of Luxury Home (Over $4M) Fell 13% This Summer in Vancouver &#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\/11\/soft-sales-of-luxury-home-over-4m-fell-13-this-summer-in-vancouver\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Soft Sales of Luxury Home (Over $4M) Fell 13% This Summer in Vancouver &#8226; 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