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Median luxury home price in Vancouver down 1.8 per cent from 2023: report
Posted September 19, 2024 10:46 am. Vancouver’s luxury home market is still soft, according to the latest report from Royal LePage, but that doesn’t mean prices are dropping. The real estate group says sales in the segment are down almost 40 per cent through the first eight months of the year, compared to the same time last year. But prices barely fell — by less than two per cent — to a little under $7 million. The report considers $ 5.5 million to be the entry-level price for Vancouver’s luxury market. It says from January to the end of August, the median luxury home price in Vancouver was $6,975,000 — the highest in the country. For comparison, the median in Toronto over the same period was $5,820,000. “In Vancouver’s luxury segment, it seems everyone is trying to time the bottom of the market. As such, we’ve seen a slowdown in activity of late. After all, buyers love to buy when others are buying,” said a sales representative for the company. He says a “pullback” in Vancouver’s luxury market began about eight years ago, and activity has never fully rebounded. “The implementation of the 2023 foreign buyer ban, which has limited residential real estate purchases by non-Canadians, has reduced demand, although it has not had a material impact on prices,” he added. Royal Lepage expects moderate activity levels through the fall, despite the likelihood of additional interest rate cuts.
How to Buy a House in British Columbia 2024
Proposed Anti-Flipping Tax On April 7th, 2022, the federal budget plan proposed a new anti-flipping tax. The tax is imposed on people who own real estate for less than a year. You may lose your Principal Residence Exemption if you buy a primary residence and move for non-exempt reasons. Additionally, if you sell an investment…
Improve Your Home in Just a Few Days with These 32 Weekend Projects
Spruce up your home in just a few days. Spruce up every room in your home with our collection of quick and easy do-it-yourself home improvement projects. Each one can be completed in just a weekend and increases the function—and style!—of your home. Make Your Entrance Inviting A cheery front-door color and a touch of landscaping can…
BC Speculation and Vacancy Tax 2024 FAQs, Rates, Declaring & More
What is the Speculation and Vacancy Tax? The Speculation and Vacancy Tax is an annual tax that affects owners of vacant homes or homes that are empty more than 6 months of the year. The government has stated that it is designed to ensure that foreign owners and satellite families are fairly contributing to B.C’s…
Condos | Development | housing | Real Estate | Vancouver
Vancouver Chinatown project pivots from condos to social housing
The Brickhouse development site on the southern edge of Vancouver’s historic Chinatown will be pivoting into a 100% social housing project for its residential uses, removing all of the previous strata market ownership condominium uses. This follows the property’s sale to the Hogan’s Alley Society last year. As previously reported by Daily Hive Urbanized in April 2024, Bonnis Properties sold their property at 796 Main Street and City’s 2021-approved development plans to Hogan’s Alley Society in November 2023, with the non-profit organization paying the developer $20 million. On the same day the deal was finalized, the federal government’s Canada Mortgage and Housing Corporation (CMHC) provided Hogan’s Alley Society with a $25.2 million mortgage. The property is a 12,800 sq ft lot that is largely vacant but contains several small structures — the 1910-built two-storey building fronting Main Street, which contains the Brickhouse Late Night Bistro and Dive Bar, and a 1925-built single-storey building fronting Union Street, which previously housed the Jimi Hendrix shrine. Location of the approved design for 728-796 Main Street, in relation to the future developments on the city-owned blocks to the south, including Hogan’s Alley (right city block). (Studio One Architecture/Bonnis Properties) Brickhouse development site of 796 Main Street in Vancouver’s Chinatown. (Kenneth Chan/Daily Hive) Artistic rendering of the 2021-approved design for 728-796 Main Street, Vancouver. (Studio One Architecture/Bonnis Properties) This week, the City of Vancouver noted it had received an application to allow a change in residential tenure to 100% social housing. The building’s height will also increase slightly from 116 ft to 127 ft, which will enable more floor space — an increase in the floor area ratio (FAR) density from a floor area that is 6.79 times larger than the size of the lot to a density of 7.4 FAR. Other details on the revised project are not available at this time. This application, first submitted in June 2024, is being considered under the City’s Affordable Housing Policies. In February 2021, after a long delay, the previous makeup of Vancouver City Council approved Bonnis Properties’ rezoning application to redevelop 796 Main Street into an 11-storey building with 94 homes, including 75 strata market condominium homes and 19 social housing units, as well as over 6,000 sq ft of retail/restaurant uses. Artistic rendering of the 2021-approved design for 728-796 Main Street, Vancouver. (Studio One Architecture/Bonnis Properties) Brickhouse development site of 796 Main Street in Vancouver’s Chinatown. (Kenneth Chan/Daily Hive)