{"id":442,"date":"2013-08-07T16:07:30","date_gmt":"2013-08-08T00:07:30","guid":{"rendered":"https:\/\/lindaqin.com\/?p=442"},"modified":"2014-10-31T14:36:42","modified_gmt":"2014-10-31T22:36:42","slug":"august-2013-market-update-vancouver-luxury-real-estate","status":"publish","type":"post","link":"https:\/\/lindaqin.com\/en\/blog\/august-2013-market-update-vancouver-luxury-real-estate\/","title":{"rendered":"August 2013 Market Update: Vancouver Luxury Real Estate"},"content":{"rendered":"<p>Midway through 2013, the <strong>BC luxury real estate market<\/strong> has rebounded from a sluggish 2012. After breaking all luxury records with 691 $3-million+ sales in 2011, the luxury market slowed to 439 $3-million+ sales in 2012. This year, that number is forecast to reach 588 sales, which represents over $2.8 billion in luxury real estate changing hands in 2013.<\/p>\n<p>This compares to only 10 $3-million+ homes, with a total value of $39 million, that sold in 2000.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"\/file\/sites\/11\/2013\/08\/augMMT3.png\" alt=\"augMMT3\" width=\"623\" height=\"90\" class=\"aligncenter size-full wp-image-443\" srcset=\"https:\/\/lindaqin.com\/wp-content\/uploads\/sites\/11\/2013\/08\/augMMT3.png 623w, https:\/\/lindaqin.com\/wp-content\/uploads\/sites\/11\/2013\/08\/augMMT3-300x43.png 300w\" sizes=\"auto, (max-width: 623px) 100vw, 623px\" \/><\/p>\n<p>Much of the rebound can be attributed to the overall health of the housing market, says Macdonald Realty manager Matthew Lee. Says Lee, &#8220;Year-to-date, both in terms of gross sales and units sold, the Greater Vancouver housing market has seen an increase of 10% over 2012, so it&#8217;s no surprise that the luxury market has followed suit.&#8221;<\/p>\n<p>Dan Scarrow, VP Strategy for Macdonald Realty, agrees. &#8220;The luxury market in Vancouver is more intricately linked with the overall market here than in other jurisdictions,&#8221; says Scarrow. &#8220;We&#8217;re a global lifestyle city,&#8221; he says, &#8220;economists have been trying to figure out the Vancouver market based on local incomes for 40 years now and it&#8217;s never made sense.&#8221;<\/p>\n<p>Scarrow credits foreign buyers for driving demand for high-end product. &#8220;Everyone now knows that mainland Chinese buyers are a big factor in our market now,&#8221; says Scarrow, &#8220;but we&#8217;re actually a repository of wealth for people from all over the world.&#8221;<\/p>\n<p>The most striking examples of this have been the two sales this year in the Fairmont Pacific Rim for $15 million and $25 million, respectively. These sales were not made to mainland Chinese buyers, but instead, are rumored to be Middle Eastern buyers. (http:\/\/news.nationalpost.com\/2013\/06\/04\/ten-things-you-should-know-about-the-near-record-breaking-25m-condo-sale-in-vancouver\/) Should these sales hold up for the rest of the year, it would mark the first time in BC history that the most expensive home sold in the province was a condominium unit.<\/p>\n<p>&#8220;When foreign investors invest in Canada, they&#8217;re not looking for huge returns,&#8221; says Scarrow, &#8220;they&#8217;re looking for a safe, stable place to store their wealth. That&#8217;s unlikely to change.&#8221;<\/p>\n<p><strong>Top 3 Most Expensive Homes Sold in BC so far this year:<\/strong><\/p>\n<p># PH01 1011 W CORDOVA ST\t25,000,000<br \/>\n5638 NEWTON WD\t18,600,000<br \/>\n4815 BELMONT AV\t16,000,000<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"\/file\/sites\/11\/2013\/08\/augMMT1.png\" alt=\"augMMT1\" width=\"472\" height=\"290\" class=\"aligncenter size-full wp-image-444\" srcset=\"https:\/\/lindaqin.com\/wp-content\/uploads\/sites\/11\/2013\/08\/augMMT1.png 472w, https:\/\/lindaqin.com\/wp-content\/uploads\/sites\/11\/2013\/08\/augMMT1-300x184.png 300w\" sizes=\"auto, (max-width: 472px) 100vw, 472px\" \/><\/p>\n<blockquote><p>For a more complete analysis of these statistics, please feel free to contact me at 604.782.6160<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Midway through 2013, the BC luxury real estate market has rebounded from a sluggish 2012. After breaking all luxury records with 691 $3-million+ sales&#8230;<\/p>\n","protected":false},"author":21,"featured_media":444,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[22,7,5],"class_list":["post-442","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-luxury-homes","tag-real-estate","tag-vancouver"],"_links":{"self":[{"href":"https:\/\/lindaqin.com\/en\/wp-json\/wp\/v2\/posts\/442","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lindaqin.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lindaqin.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lindaqin.com\/en\/wp-json\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/lindaqin.com\/en\/wp-json\/wp\/v2\/comments?post=442"}],"version-history":[{"count":0,"href":"https:\/\/lindaqin.com\/en\/wp-json\/wp\/v2\/posts\/442\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lindaqin.com\/en\/wp-json\/wp\/v2\/media\/444"}],"wp:attachment":[{"href":"https:\/\/lindaqin.com\/en\/wp-json\/wp\/v2\/media?parent=442"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lindaqin.com\/en\/wp-json\/wp\/v2\/categories?post=442"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lindaqin.com\/en\/wp-json\/wp\/v2\/tags?post=442"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}