What's going on in Shaughnessy? A few things, Vancouver Realtor says
A recent browse of real estate listings in Vancouver showed that several mansions in one particular area of the city are for sale.
"Multi-award winning, opulent Shaughnessy home," one listing reads, asking nearly $20 million for the seven-bedroom estate.
"Rare availability in Prestigious First Shaughnessy," reads another listing, this time looking for $28.8 million.
"A rare opportunity to acquire one of Vancouver's most iconic estates," advertises an agent selling a $25-million home built in 1927.
A home for sale for $24.8 million is described as "situated on a prized .53 acre view property and located in the confines of Vancouver's ultra- exclusive and most prestigious First Shaughnessy enclave."
The homes are of various conditions and ages, but many are in Shaughnessy, and all will be multimillion-dollar sales.
It's not a cheap place to live. Most homes are single-detached and owned, not rented.
Most residents are white, according to data from the city. Most are married and have a post-secondary education, and the neighbourhood a median household income nearly double that of the city's average. .
So why are so many houses for sale in Shaughnessy right now? There are a few reasons, a local Realtor with luxury listings in the area told CTV News.
"Markets go through cycles," said Faith Wilson, president and CEO of faithwilson | Christie's International Real Estate.
"With the balancing of the market, we may have more 'days on the market,' but that is generally something we see across all segment types and ranges of price points."
She said a key is pricing "appropriately." Those properties get interest, get viewings and get sold.
"World events, interest rate and inflation are some of the factors that affect real estate markets, and with that said, properties continue to sell."
As for why so many homes appear to be for sale in that neighbourhood lately, there doesn't seem to be one major theme.
She said some sales could be due to the age of some of the properties – owners not wanting to take on major renovations – or that owners are seeing neighbouring homes selling for much more than they initially paid for theirs.
But usually, she said, it comes down to a lifestyle change: "whether sellers are simply downsizing or moving to the next chapter of their lives."
Wilson said this is much more likely to be a motivating factor when it comes to selling than liquidating an asset over fear of a changing market, or being inspired by neighbours cashing in.
For those considering a change due to increased interest rates and real estate forecasts, Wilson recommends being careful and finding good advice before making any decisions.
"I don't see any reckless sales, and most sellers have holding power to ride out a market correction," she said.
"The market has performed very well in the last two years, and yes, some may be liquidating to look for other opportunities. For other sellers, if they cannot get what they are looking for, they will simply hold or rent out until the market rebounds."
CTVNews.ca Top Stories
What to know about avian influenza in dairy cows and the risk to humans
Why is H5N1, or bird flu, a concern, how does it spread, and is there a vaccine? Here are the answers to some frequently asked questions about avian influenza.
'I was scared': Ontario man's car repossessed after missing two repair loan payments
An Ontario man who took out a loan to pay for auto repairs said his car was repossessed after he missed two payments.
opinion The special relationship between King Charles and the Princess of Wales
Royal commentator Afua Hagan writes that when King Charles recently admitted Catherine to the Order of the Companions of Honour, it not only made history, but it reinforced the strong bond between the King and his beloved daughter-in-law.
New Norad commander calls Canada's defence policy update 'very encouraging'
American troops will be spending more time training in the Far North, the new commander of Norad says, a strategy that fits 'hand-in-glove' with Canada's renewed focus on Arctic defence.
$70M Lotto Max winners kept prize a secret from family for 2 months
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
Are Canadians getting sick from expired food?
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
Documents reveal Ottawa's efforts to get Loblaw, Walmart on board with grocery code
It was evident to the federal government as early as last fall that Loblaw and Walmart might be holdouts to the grocery code of conduct, jeopardizing the project's success.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Improve balance and build core strength with this exercise
When it comes to cardiovascular fitness, you may tend to focus on activities that move you forward, such as walking, running and cycling.