{"id":7871,"date":"2018-01-11T10:10:59","date_gmt":"2018-01-11T18:10:59","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=7871"},"modified":"2018-01-03T10:33:03","modified_gmt":"2018-01-03T18:33:03","slug":"vancouver-has-canadas-priciest-premium-properties","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/01\/vancouver-has-canadas-priciest-premium-properties\/","title":{"rendered":"Vancouver Has Canada&#8217;s Priciest Premium Properties"},"content":{"rendered":"<p style=\"text-align: justify;\">A recent study from Engel &amp; V\u00f6lkers has found that Vancouver plays host to Canada\u2019s highest-priced luxury properties, mirroring trends in the city\u2019s mid-range residential as well as commercial segments.<\/p>\n<p style=\"text-align: justify;\">The main motivator for this development is limited inventory, according to the Engel &amp; V\u00f6lkers analysis, which covered 6 leading luxury markets in the period January to September 2017.<\/p>\n<p style=\"text-align: justify;\">\u201cThe residential property market in Canada\u2019s major cities and second home markets is enjoying a high level of demand, both nationally and internationally,\u201d the report stated. \u201cSpecifically in the luxury segment, there is a clear surplus in demand in many places that is resulting in a significant rise in prices.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cThe most expensive neighbourhood in [Vancouver] is Shaughnessy, with its mix of historic and modern buildings. Asking prices for detached homes reached $35.8 million in the first three quarters of 2017. This marks the highest price registered out of all the markets analysed,\u201d Engel &amp; V\u00f6lkers said in its report, adding that the asking price for freehold condominiums in Vancouver\u2019s most desired locations has reached $1,800 per square foot.<\/p>\n<p style=\"text-align: justify;\">Foreign nationals comprise a majority of buyers in the city\u2019s luxury property market, representing 85% of transactions in the period covered by the study.<\/p>\n<p style=\"text-align: justify;\">\u201cChinese citizens make up the largest buyer group here, followed by French and German buyers. Real estate in East Vancouver is witnessing an upward trend at the moment, with millennials particularly keen to secure small-scale lofts in the area,\u201d according to the report.<\/p>\n<p>\u201c2018 will continue to see strong growth in the luxury condo segment,\u201d the study concluded. \u201cThere\u2019s a shift in luxury consumer demand from traditional design features to modernist aesthetics that prioritize clean lines, quality materials and smart-home technology\u2026 Entrepreneurs, developers and a new segment of affluent residents are starting to move into Vancouver\u2019s downtown East Side at an accelerated rate.\u201d<\/p>\n<p><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/vancouver-has-canadas-priciest-premium-properties--study-235702.aspx\" target=\"_blank\" rel=\"noopener\">Vancouver Has Canada&#8217;s Priciest Premium Properties<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A recent study from Engel &amp; V\u00f6lkers has found that Vancouver plays host to Canada\u2019s highest-priced luxury properties, mirroring trends in the city\u2019s mid-range residential as well as commercial segments. &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/01\/vancouver-has-canadas-priciest-premium-properties\/\">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-7871","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vancouver Has Canada&#039;s Priciest Premium Properties &#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=\"http:\/\/www.roryc.ca\/blog\/2018\/01\/vancouver-has-canadas-priciest-premium-properties\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver Has Canada&#039;s Priciest Premium Properties &#8226; 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