{"id":12337,"date":"2015-09-16T07:43:13","date_gmt":"2015-09-16T12:43:13","guid":{"rendered":"http:\/\/olduvai.ca\/?p=12337"},"modified":"2015-09-16T07:43:13","modified_gmt":"2015-09-16T12:43:13","slug":"foreign-buyers-driving-demand-for-luxury-homes-sothebys-says","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=12337","title":{"rendered":"Foreign buyers driving demand for luxury homes, Sotheby&#8217;s says"},"content":{"rendered":"<div class=\"story-headline\">\n<h3 class=\"story-title\"><a href=\"http:\/\/www.cbc.ca\/news\/business\/sothebys-luxury-real-estate-1.3229347\" target=\"_blank\">Foreign buyers driving demand for luxury homes, Sotheby&#8217;s says<\/a><\/h3>\n<\/div>\n<p class=\"story-deck\"><strong>Luxury housing segment ($4M+) is hotter than the overall market in Vancouver, Toronto<\/strong><\/p>\n<p>International demand is expected to keep driving luxury real estate sales in Canadian cities for the rest of the year, according to a report from Sotheby&#8217;s International Realty.<\/p>\n<p>A faltering Chinese economy and volatile global stock markets are likely to encourage an influx of foreign buyers, especially from mainland China, the company\u00a0said in its fall outlook report.<\/p>\n<ul>\n<li><strong><a href=\"http:\/\/www.cbc.ca\/news\/canada\/british-columbia\/foreign-ownership-on-vancouver-real-estate-needs-creative-policies-david-mulroney-1.3014710\">Foreign ownership on Vancouver real estate needs &#8216;creative&#8217; policies: David Mulroney<\/a><\/strong><\/li>\n<li><strong><a href=\"http:\/\/www.cbc.ca\/news\/canada\/british-columbia\/should-we-tax-foreign-buyers-of-vancouver-real-estate-1.2452769\">\u200bShould we tax foreign buyers of Vancouver real estate?<\/a><\/strong><\/li>\n<li><a href=\"http:\/\/www.cbc.ca\/1.3189689\"><strong>More data on foreign homebuyers won&#8217;t address affordability problem, say experts<\/strong><\/a><\/li>\n<\/ul>\n<p>Sotheby&#8217;s notes the surge in luxury sales in the first half of the year, with sales of property in the $4-million range rising 71 per cent in Vancouver and 72 per cent in the Greater Toronto Area.<\/p>\n<p>Toronto and Vancouver are Canada&#8217;s hottest housing markets where\u00a0even modest detached houses are\u00a0priced at over $1 million.<\/p>\n<p>With interest rates low and stable employment in both cities, 2015 has seen huge demand for housing in both cities, with more buyers than homes on the market.<\/p>\n<p>But the luxury segment is even hotter than the overall housing market in Toronto and Vancouver, Sotheby&#8217;s said.<\/p>\n<p>It predicts demand for condos over $1 million \u2013 considered a luxury price for a condo \u2014\u00a0will remain strong in both markets, especially near the downtown core. But the strongest percentage sales increases will be seen among detached homes in the $4-million range, it forecasts.<\/p>\n<p>In Vancouver, demand for traditional luxury neighbourhoods will push high-end buyers east and south with neighbourhoods in Vancouver East and South Vancouver emerging as new options, Sotheby&#8217;s said.<\/p>\n<p>Montreal also saw a period of heightened interest in its luxury properties in the fall of 2015 after the election of a Liberal government, Sotheby&#8217;s said. A luxury price in Montreal is in the $1.5-million range. The market is now more balanced, but foreign demand is picking up, it said.<\/p>\n<div>&#8230;click on the above link to read the rest of the article&#8230;<\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Foreign buyers driving demand for luxury homes, Sotheby&#8217;s says Luxury housing segment ($4M+) is hotter than the overall market in Vancouver, Toronto International demand is expected to keep driving luxury real estate sales in Canadian cities for the rest of the year, according to a report from Sotheby&#8217;s International Realty. A faltering Chinese economy and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[103,9086,3544,3000,7861,9088,9089,2340,9087,803,1340],"class_list":["post-12337","post","type-post","status-publish","format-standard","hentry","category-economics","tag-canada","tag-canadian-real-estate","tag-cbc","tag-cbc-news","tag-chinese-economy","tag-greater-toronto-area","tag-gta","tag-housing-market","tag-sothebys-international-reality","tag-toronto","tag-vancouver"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/12337","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12337"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/12337\/revisions"}],"predecessor-version":[{"id":12338,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/12337\/revisions\/12338"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12337"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12337"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12337"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}