It’s hard to lose money in real estate these days, almost anywhere, but Vancouver is among an elite group of cities where the wealthy are doing just that.
The city, once an unstoppable juggernaut of foreign money and rising prices, has ranked at the bottom of a list of the world’s hottest luxury housing markets for the fourth quarter in a row.
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That means Vancouver has now spent a year as the world’s weakest luxury market in Knight Frank’s ranking of 46 major world cities. Luxury house prices fell by 13.6 per cent over the past year, the real estate agency said.
Toronto ranked 13th, with prices up 3.8 per cent in a year. Those two are the only Canadian cities on the list.