{"id":6437,"date":"2017-07-21T10:10:40","date_gmt":"2017-07-21T17:10:40","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=6437"},"modified":"2017-07-18T22:07:30","modified_gmt":"2017-07-19T05:07:30","slug":"luxury-home-sales-in-vancouver-normalize-after-introduction-of-foreign-buyer-tax","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/07\/luxury-home-sales-in-vancouver-normalize-after-introduction-of-foreign-buyer-tax\/","title":{"rendered":"Luxury Home Sales in Vancouver &#8220;Normalize&#8221; After Introduction of Foreign-Buyer Tax"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver home sales over $1 million have dropped in the first half of 2017 compared to a year ago, however a new report by Sotheby\u2019s International Realty Canada suggests that the city\u2019s luxury property sales are falling in line with long-term averages.<\/p>\n<p style=\"text-align: justify;\">In Vancouver, a total of 2,385 residential properties over $1 million sold in the city from January 1st to June 30th, 2017, a 23% drop compared to the same period in 2016, according to the top-tier real estate company\u2019s mid-year report.<\/p>\n<p style=\"text-align: justify;\">\u201cIt is neither shocking nor problematic that the volume of activity in Vancouver this year is down when compared to last year,\u201d Brad Henderson, President and CEO of Sotheby\u2019s International Realty Canada tells BuzzBuzzNews.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s still very healthy and there\u2019s still upward pressure on prices,\u201d he adds.<\/p>\n<p style=\"text-align: justify;\">The bi-annual publication outlines market activity within the nation\u2019s major metropolitan top-tier real estate markets during the first half of the year. The report includes sales of condominiums, attached and single-family detached homes priced at $1 million-plus and $4 million-plus.<\/p>\n<p style=\"text-align: justify;\">Luxury sales in the City of Vancouver experienced a slowdown when a 15% foreign-buyer tax was introduced in August 2016, in an effort to ease the formerly scorching market.<\/p>\n<p style=\"text-align: justify;\">But as uncertainty surrounding the tax in the broader market appeared to alleviate at the beginning of the year, sales activity in the $1 million-plus market normalized in the first half of 2017 after experiencing historic highs in 2016.<\/p>\n<p style=\"text-align: justify;\">In the $4 million-plus market, overall luxury sales saw a 52% year-over-year drop to 211 units.<\/p>\n<p style=\"text-align: justify;\">Out of all property types, Vancouver\u2019s top-tier condo market saw a modest increase in sales activity with 648 $1 million-plus units sold in the first half of 2017, a 5% increase compared to the same period in 2016.<\/p>\n<p style=\"text-align: justify;\">Among all of the nation\u2019s $4 million-plus home sales in the first six months of 2017, Vancouver detached home sales in this price range saw the steepest year-over-year drop, falling 53% to 191 detached properties compared to 2016.<\/p>\n<p style=\"text-align: justify;\">Meantime in Calgary, which Sotheby\u2019s also covered in its report, both conventional and top-tier real estate activity have been showing signs of recovery in 2017 so far.<\/p>\n<p style=\"text-align: justify;\">In the first six months of 2017, $1 million-plus home sales in Calgary rose 24% to 395 units sold compared to a year ago.<\/p>\n<p style=\"text-align: justify;\">Of those transactions, roughly 90 per cent were comprised of detached homes, which saw a 22% year-over-year increase to 351 homes sold compared to a year ago.<\/p>\n<p style=\"text-align: justify;\">\u201cThis is a continuation of a trend that we\u2019ve been seeing over the last 12 to 18 months and that gradually activity is coming back into the market,\u201d Henderson tells BuzzBuzzNews.<\/p>\n<p style=\"text-align: justify;\">Leading the nation with the most luxury home sales was the Greater Toronto Area (GTA), which includes Durham, Halton, Peel, the City of Toronto and York.<\/p>\n<p style=\"text-align: justify;\">The region took the top spot for a third straight year, despite the provincial government\u2019s introduction of the Ontario Fair Housing Plan in April 2017 as an effort to cool the GTA\u2019s red-hot market<\/p>\n<p style=\"text-align: justify;\">From January 1st to June 30th, 2017, a total of 14,292 properties over $1 million sold in the GTA, a 41% year-over-year increase compared to a year ago.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, luxury home sales over $4 million saw a 93 per cent gain to 258 units sold compared to the same period in 2016 \u2014 the greatest year-over-year percentage gain seen in the GTA.<\/p>\n<p style=\"text-align: justify;\">However, since the new policy was implemented in Ontario, luxury sales in the GTA have dropped compared to a year ago.<\/p>\n<p style=\"text-align: justify;\">\u201cThe story that it doesn\u2019t tell [is] in May and June we actually saw the activity \u2014 the number of homes being sold \u2014 actually decrease when compared to the same months in 2016,\u201d says Henderson.<\/p>\n<p style=\"text-align: justify;\">Besides luxury sales possibly being impacted by the Fair Housing Plan, Henderson says other reasons for the slowdown include uncertainty surrounding high prices in Toronto, an abundance of inventory and buyers deciding to sell.<\/p>\n<p style=\"text-align: justify;\">Like the rebound Vancouver is experiencing in its luxury market, Henderson says the GTA may see the same result.<\/p>\n<p style=\"text-align: justify;\">\u201cWe believe that the underlying fundamentals are still strong and that the market is taking a pause to reflect on what is a lot of data to come at them all at once,\u201d says Henderson.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2017\/07\/luxury-home-sales-vancouver-normalize-introduction-foreign-buyer-tax.html\" target=\"_blank\" rel=\"noopener\">Luxury Home Sales in Vancouver &#8220;Normalize&#8221; After Introduction of Foreign-Buyer Tax<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver home sales over $1 million have dropped in the first half of 2017 compared to a year ago, however a new report by Sotheby\u2019s International Realty Canada suggests that &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/07\/luxury-home-sales-in-vancouver-normalize-after-introduction-of-foreign-buyer-tax\/\">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-6437","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>Luxury Home Sales in Vancouver &quot;Normalize&quot; After Introduction of Foreign-Buyer Tax &#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\/2017\/07\/luxury-home-sales-in-vancouver-normalize-after-introduction-of-foreign-buyer-tax\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Luxury Home Sales in Vancouver &quot;Normalize&quot; After Introduction of Foreign-Buyer Tax &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver home sales over $1 million have dropped in the first half of 2017 compared to a year ago, however a new report by Sotheby\u2019s International Realty Canada suggests that &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\\\/2017\\\/07\\\/luxury-home-sales-in-vancouver-normalize-after-introduction-of-foreign-buyer-tax\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/07\\\/luxury-home-sales-in-vancouver-normalize-after-introduction-of-foreign-buyer-tax\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Luxury Home Sales in Vancouver &#8220;Normalize&#8221; 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