In the month of August, the sales of homes in Vancouver took a turn placing the levels of activity at a “more historically normal” level. The sales figure that was reported by the Greater Vancouver Real Estate Board showed that 2,849 homes were sold in the month, down by 26 percent from the previous year and decreased by 22.8 percent July this year.
Dan Morrison who is the president of REBGV said: “The record-breaking sales we saw earlier this year were replaced by more historically normal activity throughout July and August. Sales have been trending downward in Metro Vancouver for a few months. The new foreign buyer tax appears to have added to this trend by reducing foreign buyer activity and causing some uncertainty amongst local home buyers and sellers.”
Even though some are intending on blaming the recent 15 percent tax for foreign buyers of homes in the cities, Dan does not agree with that and said: “It’ll take some months before we can really understand the impact of the new tax. We’ll be interested to see the government’s next round of foreign buyer data.”
The prices increase steadily even though sale is decreasing, the benchmark being at $993,100, inclined by 31.4 percent over the years. The normal sales figures are trending lesser, while the sales of expensive detached homes have cooled.