The party’s over for now for those sitting on Vancouver’s most expensive properties.
Prices at the top end of the market plunged 7.6 per cent in the six months to March, making it the world’s second-worst performer during that period, according to the latest global survey of prime properties by Knight Frank LLP. Only Stockholm did worse, falling 9 per cent, while Toronto rose 6 per cent and the top gainer was Seoul.
The findings — based on the top 5 per cent of the housing market in each city — lend support to anecdotal evidence of a slowdown in Vancouver’s luxury segment following the hike of a tax on foreign buyers to 20 per cent from 15 per cent in February, the introduction of a speculation tax, and rising interest rates.
Full story here: http://business.financialpost.com/real-estate/vancouver-luxury-property-is-continents-worst-performer