{"id":8549,"date":"2018-05-08T14:08:45","date_gmt":"2018-05-08T18:08:45","guid":{"rendered":"http:\/\/lifeinsurance-orleans.ca\/Life-Insurance-Blog\/?guid=411a5d3c6627356f42440a85f0eb1cf6"},"modified":"2018-05-08T14:08:45","modified_gmt":"2018-05-08T18:08:45","slug":"partys-over-for-vancouvers-luxury-property-market-its-now-the-worst-performer-on-the-continent","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2018\/05\/08\/partys-over-for-vancouvers-luxury-property-market-its-now-the-worst-performer-on-the-continent\/","title":{"rendered":"Party\u2019s over for Vancouver\u2019s luxury property market \u2014 it\u2019s now the worst performer on the continent"},"content":{"rendered":"<p>The party&#8217;s over for now for those sitting on Vancouver&#8217;s most expensive properties.<\/p>\n<p>Prices at the top end of the market plunged 7.6 per cent in the six months to March, making it the world&#8217;s second-worst performer during that period, according to the latest global survey of prime properties by Knight Frank LLP. Only Stockholm did worse, falling 9 per cent, while Toronto rose 6 per cent and the top gainer was Seoul.<\/p>\n<p>The findings &#8212; based on the top 5 per cent of the housing market in each city &#8212; lend support to anecdotal evidence of a slowdown in Vancouver&#8217;s luxury segment following the hike of a tax on foreign buyers to 20 per cent from 15 per cent in February, the introduction of a speculation tax, and rising interest rates.<\/p>\n<ul class=\"related_links\">\n<li><a href=\"http:\/\/business.financialpost.com\/real-estate\/neglected-child-no-more-montreal-is-next-hot-housing-market\">\u2018Neglected child\u2019 no more, Montreal is the next hot housing market<\/a><\/li>\n<li><a href=\"http:\/\/business.financialpost.com\/real-estate\/whistler-now-tops-vancouver-as-canadas-craziest-housing-market\">\u2018An absolute gong show\u2019: Move over Vancouver, Canada\u2019s craziest housing market is now in Whistler<\/a><\/li>\n<li><a href=\"http:\/\/business.financialpost.com\/real-estate\/vancouver-to-rake-in-30-million-in-empty-homes-tax-in-first-year\">Vancouver to rake in $30 million from empty homes tax in first year<\/a><\/li>\n<\/ul>\n<p>Vancouver&#8217;s slower rate of growth is likely the outcome of British Columbia&#8217;s &#8220;macro prudential measures&#8221; and the rising borrowing costs for investors, said Kate Everett-Allen, Knight Frank&#8217;s head of international residential research, in an emailed response to questions. In Vancouver, the study looked at properties starting at about $3.5 million (US$2.7 million), she said.<\/p>\n<p>Just two years earlier, Vancouver had topped global rankings in the same survey after surging 26 per cent over a 12-month period and before the provincial government first imposed a foreign buyers&#8217; tax in August 2016.<\/p>\n<p>At the height of the market, foreign money had flowed mostly into the million-dollar-plus segment of detached homes, according to Adil Dinani, a realtor with Royal LePage, a unit of Brookfield Real Estate Services Inc.<\/p>\n<p>&#8220;Those capital flows have shifted now,&#8221; Dinani said. &#8220;It&#8217;s actually refreshing &#8212; you have some time to breathe, to negotiate like a regular transaction.&#8221;<\/p>\n<p><a href=\"http:\/\/www.bloomberg.com\/\"><em>Bloomberg.com<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Prices at the top end of the market plunged 7.6 per cent in the six months to March, making it the world&#8217;s second-worst performer during that period<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/8549"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=8549"}],"version-history":[{"count":1,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/8549\/revisions"}],"predecessor-version":[{"id":8550,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/8549\/revisions\/8550"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=8549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=8549"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=8549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}