Vancouver luxury market is weakest among global cities

A global ranking of luxury housing markets has highlighted the divergence of Canada’s two largest markets.

Vancouver remains at the bottom of the table of 46 cities worldwide compiled using Knight Frank’s global research network while Toronto ranks 13th.

The Prime Global Cities Index tracks the movement in prime residential prices of the 46 cities.

Second quarter stats show Berlin at the top with a 12.7% increase over the past 12 months but no movement in the past 3 months. The top 5 includes Frankfurt (up 12% over 12 months / 0% over 3 months), Moscow (up 9.5% / 1.8%), Manila (up 6.2% / 0.8%), and Geneva (up 6% / 1.7%).

Vancouver sits at the bottom with a 13.6% decrease in prices over 12 months and a decrease of 2.4% over the past 3 months.

It’s the only city among the 46 to post a double-digit decline. Other cities that have lost value over 12 months include Auckland (down 7.5%), London (down 4.9%), and New York (down 3.7%).

Meanwhile, Toronto posted a gain in prices of 3.8% over 12 months and 2.8% over 3 months, making it the highest-ranking city in North America among the 46, beating Miami (1.5% 12-month gain), San Francisco (1.2%), and Los Angeles (0.7%).

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Market update:

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release

Poll

Do you invest in commercial properties?