{"id":27978,"date":"2026-07-03T11:11:06","date_gmt":"2026-07-03T18:11:06","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=27978"},"modified":"2026-07-03T09:37:28","modified_gmt":"2026-07-03T16:37:28","slug":"luxury-is-decentralizing-foreign-buyer-ban-weighing-on-high-end-real-estate","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2026\/07\/luxury-is-decentralizing-foreign-buyer-ban-weighing-on-high-end-real-estate\/","title":{"rendered":"Luxury is Decentralizing &#8211; Foreign Buyer Ban Weighing On High-End Real Estate"},"content":{"rendered":"<p style=\"text-align: justify;\">Market activity for luxury homes is shifting away from Canada\u2019s urban centres toward other provinces, a trend also being reflected locally as some Realtors see opportunity in the Fraser Valley and other secondary markets.<\/p>\n<p style=\"text-align: justify;\">Smaller and mid-sized markets are experiencing increasing or stable conditions while the country\u2019s largest and most expensive markets are seeing affluent buyers take a more measured approach, Re\/Max Canada said in a June 17 report.<\/p>\n<p style=\"text-align: justify;\">Re\/Max looked at luxury home sales in major Canadian markets, with luxury defined as a $3 million price point and above in the Vancouver region. Re\/Max said from Jan. 1 to April 30, there were 268 sales compared to 334 during the same period in 2025, a drop of 19.8%.<\/p>\n<p style=\"text-align: justify;\">Elizabeth McQueen, broker with Re\/Max Select Properties, noted that Greater Toronto saw a 16.9% drop but that other markets like Edmonton, Saskatoon and Ottawa saw significant increases, where luxury is attainable at lower price points.<\/p>\n<p style=\"text-align: justify;\">\u201cLuxury is decentralizing,\u201d she said. \u201cLuxury isn\u2019t any longer defined by being in a specific major urban centre.\u201d<\/p>\n<p style=\"text-align: justify;\">In the Vancouver region, one franchise is expanding into the Fraser Valley where it sees appetite for rural, agricultural, equestrian and other big properties.<\/p>\n<p style=\"text-align: justify;\">\u201cOne-acre properties, they are not making more of them. There\u2019s a very finite number of those,\u201d said Braden Reimer, license partner with Engel &amp; V\u00f6lkers, which opened a Langley office earlier this year, its first one in Fraser Valley.<\/p>\n<p style=\"text-align: justify;\">Growth tends to expand out in that direction due to the ocean on one side, the United States below and the mountains above, he said.<\/p>\n<p style=\"text-align: justify;\">The Fraser Valley offers larger homes or the capability of building them, and he\u2019s seeing instances of two generations buying a home together.<\/p>\n<p style=\"text-align: justify;\">\u201cWe see a lot of families doing stuff together, and that\u2019s something you can\u2019t really do in Vancouver just because there isn&#8217;t the space for it,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">While \u201cvery, very few\u201d properties over $3 million are currently moving, luxury buyers are less sensitive to current trends because they are all end users. Instead of timing the market, they are letting their lives dictate when to jump on something, Reimer said.<\/p>\n<p style=\"text-align: justify;\">\u201cThey\u2019ll buy it in a hot market or a cold one,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">Headwinds include immigration curbs and market saturation hurting demand for agricultural properties; higher interest rates putting some mortgage-heavy people underwater; and greater economic sensitivity down the chain of move-up buyers, Reimer said.<\/p>\n<p style=\"text-align: justify;\">\u201cI don\u2019t think it\u2019s going to be scary high, but I think you\u2019ll see actually some luxury properties getting foreclosed on [in] the next 12 months or so,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">Back in the city, the soft market means some luxury condos downtown are selling at 2013 price points right now, said Re\/Max&#8217;s McQueen.<\/p>\n<p style=\"text-align: justify;\">Looking ahead, Vancouver could see selective improvement, particularly in detached luxury due to pent-up demand. But McQueen said high taxes and the federal foreign buyer ban are weighing on the market.<\/p>\n<p style=\"text-align: justify;\">It\u2019s bad news for not just well-heeled buyers but also the public as a whole, she said.<\/p>\n<p style=\"text-align: justify;\">\u201cI don\u2019t know how much people recognize that a foreign buyer buying a $3-million property pays on closing $652,000 in [foreign-buyer and property-transfer] taxes. We\u2019ve taken that out of the system,\u201d McQueen said.<\/p>\n<p style=\"text-align: justify;\">If half of the first quarter\u2019s 268 luxury sales had been to foreign buyers, this would imply at least $87 million in lost revenue in just one quarter\u2014more than what the B.C. speculation and vacancy tax collects annually.<\/p>\n<p style=\"text-align: justify;\">\u201cWho else is covering that?\u201d she said.<\/p>\n<p><a href=\"https:\/\/www.biv.com\/news\/real-estate\/luxury-market-decentralizing-in-canada-and-metro-vancouver-say-experts-12447710\" target=\"_blank\" rel=\"noopener\">Luxury Market &#8220;Decentralizing&#8221; in Canada and Metro Vancouver<\/a> by Jami Makan | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Market activity for luxury homes is shifting away from Canada\u2019s urban centres toward other provinces, a trend also being reflected locally as some Realtors see opportunity in the Fraser Valley &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2026\/07\/luxury-is-decentralizing-foreign-buyer-ban-weighing-on-high-end-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":[8,13],"tags":[],"class_list":["post-27978","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 v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Luxury is Decentralizing - Foreign Buyer Ban Weighing On High-End Real Estate &#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\/2026\/07\/luxury-is-decentralizing-foreign-buyer-ban-weighing-on-high-end-real-estate\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Luxury is Decentralizing - Foreign Buyer Ban Weighing On High-End Real Estate &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Market activity for luxury homes is shifting away from Canada\u2019s urban centres toward other provinces, a trend also being reflected locally as some Realtors see opportunity in the Fraser Valley &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2026\\\/07\\\/luxury-is-decentralizing-foreign-buyer-ban-weighing-on-high-end-real-estate\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2026\\\/07\\\/luxury-is-decentralizing-foreign-buyer-ban-weighing-on-high-end-real-estate\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Luxury is Decentralizing &#8211; 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