VANCOUVER HOMES SALES PLUNGE IN WAKE OF NEW FOREIGN BUYERS TAX
Oct 04, 2016
By Bob Komsic
Queen’s Park are you watching?
Home sales in Metro Vancouver plunged 32.6% in September, compared to a year ago.
The B.C. government introduced the 15% tax on foreign buyers just two months ago.
The Real Estate Board of Greater Vancouver says there were 2,253 homes sold last month, compared with 3,345 in September last year.
The composite benchmark price for all residential properties was $931,000 – a 28.9% increase from last year and a fractional decline compared to this August.
The Vancouver board says there’s uncertainty in the market as buyers and sellers are having trouble establishing prices, and that there’s also more demand for condos and townhomes than detached houses.