{"id":3701270,"date":"2017-01-09T14:22:11","date_gmt":"2017-01-09T19:22:11","guid":{"rendered":"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/?p=3701270"},"modified":"2017-03-14T00:41:58","modified_gmt":"2017-03-14T04:41:58","slug":"vancouvers-luxury-property-prices-are-skyrocketing-reports-say","status":"publish","type":"post","link":"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/vancouvers-luxury-property-prices-are-skyrocketing-reports-say\/","title":{"rendered":"Vancouver’s Luxury Property Prices Are Skyrocketing, Reports Say"},"content":{"rendered":"

Vancouver can thank the Chinese for its increasingly high luxury home prices, according to recent real estate reports.
\n<\/span><\/p>\n

Down by the waterfront in West Vancouver, luxury home sales in 2016 <\/span>topped well over $30 million<\/span><\/a>. The top assessment for an 11,000-square-foot home was $35.2 million this year, up from $29.7 million last year. The second highest assessment was worth $31.2 million, up from $24.7 million in 2016.\u00a0<\/span>The third highest assessment was for a $30.9 million home on the Dundarave<\/span> waterfront, up from $26.5 million last year.<\/span><\/p>\n

Knight Frank\u2019s recent <\/span>Prime Global Cities Index<\/span><\/a> reported that luxury property prices in Vancouver are rising at a rate that\u2019s four to 14 times faster than the average in the rest of the world. Prices for prime property rose 24.5 percent in one year. By comparison, <\/span>Toronto came in 12th place with an 8-percent increase<\/span><\/a>, while New York City and London saw prices rise 2.8 percent \u00a0and 1 percent, respectively.<\/span><\/p>\n

Real estate experts suggest various reasons for Vancouver\u2019s stratospheric prices. According to the Knight Frank report: “A lack of supply, coupled with foreign demand, spurred on by a weaker Canadian dollar explain [Vancouver’s] stellar performance.\u201d<\/span><\/p>\n

A new <\/span>report from the Canada Mortgage and Housing Corp.<\/span><\/a> attributed the inflated markets to low interest rates and robust population growth. Then, of course, Chinese buyers drive up housing prices, with as many as 5 to 10 percent of greater Vancouver real estate transactions going to foreign nationals.<\/span><\/p>\n

Most of the buyers are Chinese executives who point to education as reason for buying in Vancouver. One Shanghai high-tech executive <\/span>told Techno.id<\/span><\/a>, a Turkish tech news outlet, that he bought a 6,000-square-foot home in the area, that he commutes monthly back to Shanghai, and that the sacrifice is worth it because he wants his daughter to have a western education. \u201cI also feel safer putting my treasure outside China,\u201d he added.<\/span><\/p>\n

Asian capital is making a Vancouver a resort town for the wealthy, while <\/span>stirring racism from locals <\/span><\/a>who say Chinese are making their famously livable city unlivable.<\/span><\/p>\n

A <\/span>CBC survey <\/span><\/a>released last month found two-thirds of respondents want the government to intervene to cool house price growth. Single-family homes have become the most expensive<\/a> in the city.<\/span><\/p>\n

Image courtesy of Shutterstock<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Down by the waterfront in West Vancouver, luxury home sales this year have topped well over $30 million.<\/p>\n","protected":false},"author":78,"featured_media":3702148,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1749,1],"tags":[],"class_list":["post-3701270","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hlrn","category-news"],"acf":[],"yoast_head":"\nVancouver's Luxury Property Prices Are Skyrocketing, Reports Say<\/title>\n<meta name=\"description\" content=\"Down by the waterfront in West Vancouver, luxury home sales this year have topped well over $30 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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