Metro Vancouver sees world’s steepest plunge in luxury home prices

Global quarterly index ranks 43 world cities for prime real estate price growth; Metro Vancouver comes last

Look how far Metro Vancouver’s prime real estate has fallen. In this quarter’s ranking of luxury real estate price growth across 43 world cities – a chart that Vancouver topped for six consecutive quarters in 2015-16 – the metropolitan region placed dead last.

Knight Frank’s Global Prime Cities Index tracks the top five per cent most expensive real estate in each market. It found that Metro Vancouver’s prime real estate prices have fallen by 11.2 per cent in 2018’s third quarter, compared with the same quarter in 2017. That’s the steepest annual decline of all 43 cities.

article continues below

In contrast, prime real estate in Singapore topped the chart with a 13.1 per cent annual change, followed by newly hot Edinburgh in Scotland, where a 10.6 per cent annual price growth placed it in second.

Toronto was still in the global top 10 for prime real estate price growth, ranking seventh with an 8.5 per cent increase year over year.

Knight Frank blamed Metro Vancouver’s decline on government taxation measures. The global real estate brokerage reported, “The index’s headline figure of 2.7 per cent growth conceals significant variations both within continents and even within countries. In Canada for example, Toronto (8.5 per cent) continues to see prime prices rise in its exclusive areas of Rosedale and Yorkville. Vancouver (-11.2 per cent), however, sits at the bottom of our rankings as upmarket areas such as West Vancouver have seen a marked slowdown in sales and prices as a result of the raft of measures introduced in February’s Budget.”

Check out the full Q3 2018 ranking, below.

Knight Frank Q3 2018 global prime cities ranking
Source: Knight Frank LLP

Read Related Topics

Comments

NOTE: To post a comment you must have an account with at least one of the following services: Disqus, Facebook, Twitter, Google+ You may then login using your account credentials for that service. If you do not already have an account you may register a new profile with Disqus by first clicking the "Post as" button and then the link: "Don't have one? Register a new profile".

The Vancouver Courier welcomes your opinions and comments. We do not allow personal attacks, offensive language or unsubstantiated allegations. We reserve the right to edit comments for length, style, legality and taste and reproduce them in print, electronic or otherwise. For further information, please contact the editor or publisher, or see our Terms and Conditions.

comments powered by Disqus

Popular Real Estate

Popular Vancouver Courier