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
'I just can't believe that it took so long': Body found in wreckage 3 months after deadly fire
A man accused of arson in a January Old Strathcona apartment fire is expected to be charged with manslaughter after a body was discovered in the burned building late last month.
No proof man lied to brother about number of kittens born in litter, B.C. tribunal rules
A man was denied a $5,000 payout from his brother after a B.C. tribunal dismissed his claim disputing how many kittens were born in a litter.
Quebec police hand out hundreds of tickets to Hells Angels and other bikers before 'first run' meeting
Quebec provincial police handed out hundreds of fines to Hells Angels members and other supporting motorcycle clubs who met for their 'first run' in a small town near Sherbrooke, Que.
Explosion at train station leads to discovery of stolen car on Montreal's South Shore: police
Police are investigating after a BMW exploded in the St-Lambert Exo train station parking lot on Montreal's South Shore.
A Chinese driver is praised for helping reduce casualties in a highway collapse that killed 48
A Chinese truck driver was praised in local media Saturday for parking his vehicle across a highway and preventing more cars from tumbling down a slope after a section of the road in the country's mountainous south collapsed and killed at least 48 people.
Snakes almost on a plane: U.S. TSA discovers a bag with small snakes in passenger's pants
According to an X post by the Transportation Security Administration, officers at the Miami International Airport found the small bag of snakes hidden in a passenger's trousers on April 26 at a checkpoint.
Russia puts Ukrainian President Zelenskyy on its wanted list
Russia has put Ukrainian President Volodymyr Zelenskyy on its wanted list, Russian state media reported Saturday, citing the interior ministry’s database.
A candidate for Germany's key party was beaten up while campaigning for European elections
A candidate for Chancellor Olaf Scholz's center-left party in next month's election for the European Parliament was beaten up and seriously injured while campaigning in an eastern city, the party said Saturday.
Grandparents killed in wrong-way crash on Hwy. 401 identified
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.