{"id":6816,"date":"2022-06-16T13:30:45","date_gmt":"2022-06-16T17:30:45","guid":{"rendered":"https:\/\/housesigma.com\/blog-en\/?p=6816"},"modified":"2022-07-04T12:16:57","modified_gmt":"2022-07-04T16:16:57","slug":"wealthy-communities-in-metro-vancouver-are-dipping","status":"publish","type":"post","link":"https:\/\/housesigma.com\/blog-en\/wealthy-communities-in-metro-vancouver-are-dipping\/","title":{"rendered":"Wealthy Communities in Metro Vancouver are dipping"},"content":{"rendered":"\n<p>It seems even the most luxurious communities in Metro Vancouver can\u2019t escape the housing cooldown.<\/p>\n\n\n\n<p>HouseSigma\u2019s AI analyzes historical data from real estate boards in BC and compiles data from June 2021 to June 20, 2022. Here is a look at the communities in Vancouver, West Vancouver, and North Vancouver that experience\u00a0the biggest median detached home price drop year over year.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1120\" height=\"1440\" src=\"https:\/\/housesigma.com\/blog-en\/wp-content\/uploads\/2022\/06\/VC_May_CHART_Lux_Comm-1120x1440.png\" alt=\"\" class=\"wp-image-6856\" srcset=\"https:\/\/housesigma.com\/blog-en\/wp-content\/uploads\/2022\/06\/VC_May_CHART_Lux_Comm-1120x1440.png 1120w, https:\/\/housesigma.com\/blog-en\/wp-content\/uploads\/2022\/06\/VC_May_CHART_Lux_Comm-467x600.png 467w, https:\/\/housesigma.com\/blog-en\/wp-content\/uploads\/2022\/06\/VC_May_CHART_Lux_Comm-768x988.png 768w, https:\/\/housesigma.com\/blog-en\/wp-content\/uploads\/2022\/06\/VC_May_CHART_Lux_Comm-1194x1536.png 1194w, https:\/\/housesigma.com\/blog-en\/wp-content\/uploads\/2022\/06\/VC_May_CHART_Lux_Comm.png 1440w\" sizes=\"(max-width: 1120px) 100vw, 1120px\" \/><\/figure>\n\n\n\n<p><em>*Rolling medians on our reports can vary slightly due to HouseSigma\u2019s real time data<\/em><\/p>\n\n\n\n<p><em>**We could list every city and every neighbourhood in a blog post, but the post would be quite long! Please visit our <a href=\"https:\/\/housesigma.com\/web\/en\/market?municipality=10597&amp;community=all&amp;house_type=all&amp;ign=\">Market Trends<\/a> page for the communities that interest you to get the latest data.<\/em><\/p>\n\n\n\n<p>Vancouver\u2019s <strong>Shaughnessy<\/strong> had median detached home values <mark style=\"background-color:rgba(0, 0, 0, 0);color:#ff0000\" class=\"has-inline-color\">drop by 25% <\/mark>percent. West Vancouver\u2019s <strong>British Properties<\/strong><mark style=\"background-color:rgba(0, 0, 0, 0);color:#ff0000\" class=\"has-inline-color\"> dropped 16%<\/mark>. And in North Vancouver, <strong>Edgemont<\/strong> saw its detached home prices <mark style=\"background-color:rgba(0, 0, 0, 0);color:#ff0000\" class=\"has-inline-color\">dip 12%<\/mark>.<\/p>\n\n\n\n<p>\u201cShaughnessy and British Properties are well-recognized among Metro Vancouver residents as \u2018luxury\u2019 home markets. To see these neighbourhoods experiencing the biggest median home price dips within their cities is a little surprising,\u201d says Hao Li, a broker with HouseSigma.<\/p>\n\n\n\n<p>\u201cLuxury home markets tend to be more immune to interest rate hikes,\u201d Li explains. \u201cBuyers in these areas are likely not salary dependent. They probably have multiple sources of income and have kept a close relationship with the bank. So the likelihood of the bank granting them a mortgage will be higher based on their assets, not salary level.\u201d<\/p>\n\n\n\n<p>\u201cThat being said, when you see areas like Shaughnessy or British Properties drop double digits, you can\u2019t help but pay attention to what\u2019s happening to the housing market as a whole,\u201d adds Li.<\/p>\n\n\n\n<p>\u201cKeep in mind, in affluent home markets, there tend to be fewer properties making up the overall picture,\u201d adds Li. \u201cThis means averages and medians could change significantly based on just one or two sales. The advantage of HouseSigma\u2019s platform is that you can find hyper-specific information on the <a href=\"https:\/\/housesigma.com\/web\/en\/market?municipality=1002&amp;community=all&amp;house_type=D.&amp;ign=\">communities<\/a> you\u2019re interested in, and see how properties are faring in those areas.\u201d<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1079\" height=\"1440\" src=\"https:\/\/housesigma.com\/blog-en\/wp-content\/uploads\/2022\/06\/VC_May_CHART_Cities-1079x1440.png\" alt=\"\" class=\"wp-image-6863\" srcset=\"https:\/\/housesigma.com\/blog-en\/wp-content\/uploads\/2022\/06\/VC_May_CHART_Cities-1079x1440.png 1079w, https:\/\/housesigma.com\/blog-en\/wp-content\/uploads\/2022\/06\/VC_May_CHART_Cities-450x600.png 450w, https:\/\/housesigma.com\/blog-en\/wp-content\/uploads\/2022\/06\/VC_May_CHART_Cities-768x1025.png 768w, https:\/\/housesigma.com\/blog-en\/wp-content\/uploads\/2022\/06\/VC_May_CHART_Cities-1151x1536.png 1151w, https:\/\/housesigma.com\/blog-en\/wp-content\/uploads\/2022\/06\/VC_May_CHART_Cities.png 1440w\" sizes=\"(max-width: 1079px) 100vw, 1079px\" \/><\/figure>\n\n\n\n<p>Looking at the broader picture,<strong> West Vancouver<\/strong> has experienced a<mark style=\"background-color:rgba(0, 0, 0, 0);color:#ff0000\" class=\"has-inline-color\"> 12% drop<\/mark> in overall detached home prices year over year. But <strong>Vancouver<\/strong> and <strong>North Vancouver<\/strong> are still ahead year over year, at <mark style=\"background-color:rgba(0, 0, 0, 0);color:#127946\" class=\"has-inline-color\">35%<\/mark><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-accent-color\"> <\/mark>and <mark style=\"background-color:rgba(0, 0, 0, 0);color:#127a46\" class=\"has-inline-color\">19% growth<\/mark>, respectively.<\/p>\n\n\n\n<p>\u201cSeeing Vancouver\u2019s median detached home prices still up 35 percent year over year, it makes you wonder just how high rates need to go before those averages hit the negative mark,\u201d adds Li.<\/p>\n\n\n\n<p>The Bank of Canada\u2019s next <a href=\"https:\/\/www.bankofcanada.ca\/2022\/07\/interest-rate-announcement-monetary-policy-report-3\/\">meeting<\/a> is July 13th. The BoC will decide then if it will raise its overnight lending rate for the fourth time this year. The rate currently stands at 1.5%. BoC started raising rates in March to combat inflation.<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p>Are you looking to buy, sell, or invest in a property? Sign up with <a href=\"https:\/\/housesigma.com\/web\/en\/login\">HouseSigma<\/a> and start searching for your next home on your own terms. Our AI updates stats in real time, giving you the most up-to-date information in the communities you\u2019re interested in.<\/p>\n\n\n\n<p>We\u2019re constantly adding to the site\u2019s features, in our attempt to make your real estate journey a transparent one.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Some of Metro Vancouver\u2019s most well known &#8220;luxury&#8221; and multi-million dollar communities are seeing double-digit negative growth, year over year.<\/p>\n","protected":false},"author":7,"featured_media":6856,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-centered.php","format":"standard","meta":{"cybocfi_hide_featured_image":""},"categories":[46,1],"tags":[42,43,34,48,50,39,44,51,38,40,49],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Wealthy Communities in Metro Vancouver are dipping - HouseSigma<\/title>\n<meta name=\"description\" content=\"Some of Metro Vancouver\u2019s most well known &quot;luxury&quot; communities are seeing double-digit negative growth, year over year.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/housesigma.com\/blog-en\/wealthy-communities-in-metro-vancouver-are-dipping\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wealthy Communities in Metro Vancouver are dipping - 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