{"id":3367,"date":"2016-09-15T11:11:08","date_gmt":"2016-09-15T18:11:08","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=3367"},"modified":"2016-09-14T20:40:26","modified_gmt":"2016-09-15T03:40:26","slug":"luxury-home-sales-have-slowed-but-are-expected-to-normalize","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/09\/luxury-home-sales-have-slowed-but-are-expected-to-normalize\/","title":{"rendered":"Luxury Home Sales Have Slowed But Are Expected to Normalize"},"content":{"rendered":"<p style=\"text-align: justify;\">The introduction of a 15% foreign buyers tax this summer has led to a slowdown in Vancouver\u2019s luxury home market, but the effects will likely be temporary, according to a Sotheby\u2019s report released September 14.<\/p>\n<p style=\"text-align: justify;\">The number of single family homes over $1 million sold fell 30% year-over-year in July, to 193 units. In August, they fell 65% to 95 units. For single family homes over $4 million, July saw a drop of 33% to 27 units, and in August, 14 units sold, representing a drop of 14%.<\/p>\n<p style=\"text-align: justify;\">For condos, the story was slightly different. In July, 93 units sold for over $1 million, which is an increase of 29% year-over-year. In that same month, seven condos sold for more than $4 million\u2014up 4% from last year. The increases stopped in August, with a 49% drop in condo sales over $1 million (with 40 units sold in the month). No condos in this price range were sold in August, down from four units in the same period last year.<\/p>\n<p style=\"text-align: justify;\">\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/09\/Luxury-home-sales-have-slowed-but-are-expected-to-normalize.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-3368\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/09\/Luxury-home-sales-have-slowed-but-are-expected-to-normalize-300x96.png\" alt=\"luxury-home-sales-have-slowed-but-are-expected-to-normalize\" width=\"563\" height=\"180\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/09\/Luxury-home-sales-have-slowed-but-are-expected-to-normalize-300x96.png 300w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/09\/Luxury-home-sales-have-slowed-but-are-expected-to-normalize-768x246.png 768w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/09\/Luxury-home-sales-have-slowed-but-are-expected-to-normalize.png 839w\" sizes=\"auto, (max-width: 563px) 100vw, 563px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">The city is overheated sellers\u2019 market is de-escalating, and prices will continue to moderate through the end of the year. This is particularly the case for condos, Sotheby\u2019s said.<\/p>\n<p style=\"text-align: justify;\">\u201cThe introduction of the 15% foreign buyer tax by the provincial government on August 2 injected uncertainty into the market, and is anticipated to moderate sales activity and velocity in the fall,\u201d according to the real estate firm.<\/p>\n<p style=\"text-align: justify;\">\u201cDespite temporary uncertainty, the city\u2019s market fundamentals are robust and resilient, leading to anticipation that the market will return to more normalized but healthy levels of activity in spite of changes to tax policy.\u201d<\/p>\n<p style=\"text-align: justify;\">Home affordability will remain a concern, however.<\/p>\n<p style=\"text-align: justify;\">\u201cRecent policy measures are not expected to significantly dampen real estate prices this fall during an adjustment period that is expected to span several months, while the long term effects of this tax remains to be seen.\u201d<\/p>\n<p><a href=\"https:\/\/www.biv.com\/article\/2016\/9\/luxury-home-sales-have-slowed-are-expected-normali\/\" target=\"_blank\">Sotheby\u2019s : Luxury Home Sales Have Slowed But Are Expected to Normalize<\/a> by Emma Crawford Hampel | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The introduction of a 15% foreign buyers tax this summer has led to a slowdown in Vancouver\u2019s luxury home market, but the effects will likely be temporary, according to a &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/09\/luxury-home-sales-have-slowed-but-are-expected-to-normalize\/\">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-3367","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>Luxury Home Sales Have Slowed But Are Expected to Normalize &#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\/2016\/09\/luxury-home-sales-have-slowed-but-are-expected-to-normalize\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Luxury Home Sales Have Slowed But Are Expected to Normalize &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The introduction of a 15% foreign buyers tax this summer has led to a slowdown in Vancouver\u2019s luxury home market, but the effects will likely be temporary, according to a &hellip; [read more]\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/09\/Luxury-home-sales-have-slowed-but-are-expected-to-normalize.png\" \/>\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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/09\\\/luxury-home-sales-have-slowed-but-are-expected-to-normalize\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/09\\\/luxury-home-sales-have-slowed-but-are-expected-to-normalize\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Luxury Home Sales Have Slowed But Are Expected to Normalize\",\"datePublished\":\"2016-09-15T18:11:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/09\\\/luxury-home-sales-have-slowed-but-are-expected-to-normalize\\\/\"},\"wordCount\":326,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"image\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/09\\\/luxury-home-sales-have-slowed-but-are-expected-to-normalize\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2016\\\/09\\\/Luxury-home-sales-have-slowed-but-are-expected-to-normalize-300x96.png\",\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/09\\\/luxury-home-sales-have-slowed-but-are-expected-to-normalize\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/09\\\/luxury-home-sales-have-slowed-but-are-expected-to-normalize\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/09\\\/luxury-home-sales-have-slowed-but-are-expected-to-normalize\\\/\",\"name\":\"Luxury Home Sales Have Slowed But Are Expected to Normalize &#8226; 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