{"id":8626,"date":"2018-03-27T11:11:39","date_gmt":"2018-03-27T18:11:39","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8626"},"modified":"2018-03-21T14:48:01","modified_gmt":"2018-03-21T21:48:01","slug":"how-bcs-new-housing-plan-will-impact-vancouvers-luxury-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/03\/how-bcs-new-housing-plan-will-impact-vancouvers-luxury-market\/","title":{"rendered":"How BC&#8217;s New Housing Plan will Impact Vancouver&#8217;s Luxury Market"},"content":{"rendered":"<p style=\"text-align: justify;\">With the introduction of the BC government\u2019s new housing plan, Vancouver\u2019s luxury real estate market is expected to see continued divergence between housing types this spring.<\/p>\n<p style=\"text-align: justify;\">Detached home sales in the city\u2019s top-tier market are forecast to cool off, while activity in the luxury condo and attached markets is slated to climb, according to Sotheby\u2019s International Realty Canada\u2019s 2018 Spring Market Forecast, published today.<\/p>\n<p style=\"text-align: justify;\">\u201cThese [housing] measures are expected to increase consumer hesitation in Vancouver\u2019s top-tier detached home market this spring, but will have a less significant effect on the city\u2019s robust condominium market,\u201d reads the report.<\/p>\n<p style=\"text-align: justify;\">Unveiled last month, the province\u2019s 30-point plan addresses housing affordability \u2014 particularly in the Lower Mainland. The comprehensive strategy includes a new speculation tax and a five per cent increase to the existing foreign buyer tax. The plan also expands the boundaries of the tax beyond Metro Vancouver to the Fraser Valley, Victoria, Nanaimo and Kelowna.<\/p>\n<p style=\"text-align: justify;\">The Sotheby\u2019s report tracks real estate activity for homes priced in the $1 million to $4 million-plus range in Canada\u2019s largest cities during the first two months of 2018.<\/p>\n<p style=\"text-align: justify;\">In Vancouver, single-family home sales over $1 million fell 39% in the two month period this year compared to the same period in 2017. Detached home sales between $1 million and $2 million saw an even more pronounced decline during the first two months of the year with 85 units, a 47% year-over-year drop.<\/p>\n<p style=\"text-align: justify;\">Meantime, Sotheby\u2019s says eroding affordability and demographic trends pushed up luxury condo sales during the first two months of 2018. Condo sales over $1 million soared 51% year-over-year from 2017 levels to 232 units sold, while sales over $4 million increased 80% to nine units sold.<\/p>\n<p style=\"text-align: justify;\">The $1 million-plus attached market also saw an annual gain with a total of 85 units, up 18% compared to the same period last year.<\/p>\n<p style=\"text-align: justify;\">According to Sotheby\u2019s, the provincial government\u2019s new housing plan will ease activity in Vancouver\u2019s overall luxury market, despite robust economic performance predicted for 2018.<\/p>\n<p style=\"text-align: justify;\">\u201cIn Vancouver, the new housing measures introduced in February cast confusion and uncertainty into the consumer mindset,\u201d says Brad Henderson, President and CEO of Sotheby\u2019s Canada, in a press release.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile demographic trends and housing needs will support the top-tier condominium market, disruption in the overall real estate market is inevitable,\u201d he adds.<\/p>\n<p style=\"text-align: justify;\">Overall, $1 million-plus sales for all property types (condos, attached and single-family homes) fell 6% during the first two months of the year to a total of 510 properties. Meantime, $4 million-plus sales dropped 20% year-over-year.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/03\/bcs-housing-plan-vancouvers-luxury-market-spring.html\" target=\"_blank\" rel=\"noopener\">Here&#8217;s How BC&#8217;s New Housing Plan will Impact Vancouver&#8217;s Luxury Market This Spring<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With the introduction of the BC government\u2019s new housing plan, Vancouver\u2019s luxury real estate market is expected to see continued divergence between housing types this spring. Detached home sales in &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/03\/how-bcs-new-housing-plan-will-impact-vancouvers-luxury-market\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-8626","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>How BC&#039;s New Housing Plan will Impact Vancouver&#039;s Luxury Market &#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\/2018\/03\/how-bcs-new-housing-plan-will-impact-vancouvers-luxury-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"How BC&#039;s New Housing Plan will Impact Vancouver&#039;s Luxury Market &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"With the introduction of the BC government\u2019s new housing plan, Vancouver\u2019s luxury real estate market is expected to see continued divergence between housing types this spring. 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