{"id":9796,"date":"2018-07-24T10:10:09","date_gmt":"2018-07-24T17:10:09","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9796"},"modified":"2018-07-12T13:56:24","modified_gmt":"2018-07-12T20:56:24","slug":"vancouver-continued-to-outperform-all-canadian-many-international-markets","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/07\/vancouver-continued-to-outperform-all-canadian-many-international-markets\/","title":{"rendered":"Vancouver Continued to Outperform All Canadian &#038; Many International Markets"},"content":{"rendered":"<p style=\"text-align: justify;\">On a global scale, home prices are rising at their slowest rate since 2015. But, in the first quarter of 2018, the City of Vancouver continued to outperform all Canadian markets, and many international markets, with the fourth largest annual price growth out of 150 cities worldwide.<\/p>\n<p style=\"text-align: justify;\">During the first three months of the year, the average residential home price in Vancouver saw a 15.4% increase from the first quarter of 2017, according to Knight Frank\u2019s Global Residential Cities Index, published this month.<\/p>\n<p style=\"text-align: justify;\">\u201cIn Vancouver, the mainstream and prime markets are diverging with prices registering 15.4% and 0.2% respectively on an annual basis\u201d says Kate Everett-Allen, International Residential Researcher at Knight Frank, in a press release.<\/p>\n<p style=\"text-align: justify;\">The real estate consulting group\u2019s index tracks the movement in average residential prices across the globe, including ten Canadian cities.<\/p>\n<p style=\"text-align: justify;\">The Indian city of Surat ranked first on the list, as prices there rose 22.3% in Q1 2018, compared to the first quarter of 2017. Izmir, Turkey and Hong Kong, China took second and third place.<\/p>\n<p style=\"text-align: justify;\">As for Vancouver\u2019s big divide between conventional and luxury housing, Everett-Allen says the city\u2019s prime residential market has been more heavily hit by macroprudential measures.<\/p>\n<p style=\"text-align: justify;\">\u201cThe foreign buyer tax affected the higher end of the market (above $3 million) the most, although this market segment was already in decline when the tax measure came into place in 2016 (and the tax was subsequently increased to 20% in February this year),\u201d writes Everett-Allen in an email statement to Livabl.<\/p>\n<p style=\"text-align: justify;\">\u201cIt is the lower end of the market where the highest competition for homes are creating the greatest pressure on prices,\u201d she adds.<\/p>\n<p style=\"text-align: justify;\">Knight Frank notes that divergent markets are also evident on a national scale. The report outlines the top 10 global countries with the largest gap between their strongest and weakest performing cities, based on annual price growth.<\/p>\n<p style=\"text-align: justify;\">Canada ranked third on the list with a 15.8% gap in residential home price growth between Quebec City and Vancouver.<\/p>\n<p style=\"text-align: justify;\">In the first quarter of 2018, Quebec City saw a 0.4% decline in home prices, compared to the same period a year ago. However, Everett-Allen says market conditions are improving in the province\u2019s capital.<\/p>\n<p style=\"text-align: justify;\">\u201cAverage prices in Quebec [City] hit their peak in November 2017 before moderating in the first quarter, and the latest data shows a slight uptick in the second quarter. Improving economic indicators \u2014 lower unemployment and rising average incomes \u2014 are boosting consumer sentiment and transactional activity.\u201d<\/p>\n<p style=\"text-align: justify;\">India ranked first with a 27.1% gap between its strongest and weakest performing cities of Delhi and Surat in Q1 2018. Australia came in second place with a 20.6% gap between the cities of Darwin and Hobart.<\/p>\n<p><a href=\"https:\/\/www.livabl.com\/2018\/07\/vancouver-fourth-price-growth-worldwide-2018.html\" target=\"_blank\" rel=\"noopener\">Vancouver Records Fourth Largest Home Price Growth Worldwide in First Quarter of 2018<\/a> by Kerrisa Wilson | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On a global scale, home prices are rising at their slowest rate since 2015. But, in the first quarter of 2018, the City of Vancouver continued to outperform all Canadian &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/07\/vancouver-continued-to-outperform-all-canadian-many-international-markets\/\">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-9796","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>Vancouver Continued to Outperform All Canadian &amp; Many International Markets &#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\/07\/vancouver-continued-to-outperform-all-canadian-many-international-markets\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver Continued to Outperform All Canadian &amp; Many International Markets &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"On a global scale, home prices are rising at their slowest rate since 2015. 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