{"id":9104,"date":"2018-05-21T10:10:00","date_gmt":"2018-05-21T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9104"},"modified":"2018-05-13T08:53:18","modified_gmt":"2018-05-13T15:53:18","slug":"luxury-condo-prices-are-expected-to-rise","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/05\/luxury-condo-prices-are-expected-to-rise\/","title":{"rendered":"Luxury Condo Prices Are Expected to Rise"},"content":{"rendered":"<p style=\"text-align: justify;\">Despite a new stress test and rising interest rates, luxury condo prices in Canada\u2019s major cities are expected to climb next year, except in Calgary.<\/p>\n<p style=\"text-align: justify;\">According to Royal LePage\u2019s 2018 Spring Luxury Report, out of all markets surveyed \u2014 Greater Toronto Area (GTA), Greater Montreal Area, Greater Vancouver, Calgary and Montreal \u2014 Calgary will be the only city to see declines in luxury condo prices in 2019.<\/p>\n<p style=\"text-align: justify;\">Royal LePage defines all luxury homes as properties worth three times the average price in the local market.<\/p>\n<p style=\"text-align: justify;\">\u201cCalgary is the only city surveyed that is expected to see the median price of a luxury condominium dip in spring 2019 when compared to 2018, decreasing 4% year-over-year,\u201d reads the report, published Thursday.<\/p>\n<p style=\"text-align: justify;\">During the first four months of 2018, the median price of a luxury condo in the city fell 6.1% to $926,620 compared to Q1 2017.<\/p>\n<p style=\"text-align: justify;\">Looking ahead to the first quarter of 2019, luxury condo prices are forecast to hit $889,568, a 4% decrease from Q1 2018.<\/p>\n<p style=\"text-align: justify;\">Although the city\u2019s luxury condos are poised to see a drop in value next year, Calgary\u2019s top-tier detached prices are expected to rise, as the city\u2019s economy continues its slow recovery.<\/p>\n<p style=\"text-align: justify;\">\u201cCalgary\u2019s luxury home market has long adjusted to the downturn in oil prices, and resultant executive level job loss,\u201d says John Hripko, Royal LePage Benchmark associate broker, in a statement.<\/p>\n<p style=\"text-align: justify;\">\u201cNow that the city\u2019s real estate has found its price floor, we expect to see modest gains as our diversified economy continues to improve,\u201d he adds.<\/p>\n<p style=\"text-align: justify;\">It\u2019s a different story for Calgary\u2019s detached market though. In the first quarter of 2019, the median price of a detached home is forecast to increase 2% year-over-year to $2,029,988 from $1,990,184 in Q1 2018.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/05\/luxury-condo-prices-rise-canadian-cities-except-one.html\" target=\"_blank\" rel=\"noopener\">Luxury Condo Prices Are Expected to Rise in All Major Canadian Cities<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite a new stress test and rising interest rates, luxury condo prices in Canada\u2019s major cities are expected to climb next year, except in Calgary. According to Royal LePage\u2019s 2018 &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/05\/luxury-condo-prices-are-expected-to-rise\/\">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-9104","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 Condo Prices Are Expected to Rise &#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\/05\/luxury-condo-prices-are-expected-to-rise\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Luxury Condo Prices Are Expected to Rise &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Despite a new stress test and rising interest rates, luxury condo prices in Canada\u2019s major cities are expected to climb next year, except in Calgary. 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