Vancouver’s housing market has experienced a drop in house sales and a decline in housing prices due to the fact that most of the money going around its real estate and housing market has surprisingly vanished.
The average price for resale in Greater Vancouver was $878,242 this January. This was a whopping 18.9 per cent reduction from January of 2016. The average resale price in Greater Vancouver last year was about $1.038 million. This numbers this year and last year have an outrageous difference.
Most economists and realtors believe that this mazing house price drop has been caused by two things;
1. Renters and sellers reducing their selling/asking prices.
2. A deep drop in the home sales of top cities.
In Vancouver, both reasons are believed to be the reason for the price drop. This price reduction can mostly be seen in the homes of single families.
Vancouver decline in prices was led by the downfall in high-end home sales. This downfall started last year February and since then the decline has been declining significantly. Most people believe that the decline is not due to the fact that the province of British Columbia introduced a foreign buyer tax in August of 2016 but he honest truth is that the tax had sad and fast effects on home sales.
The sales were down by 39.7 per cent from a year ago. The dollar volume due to transactions has dropped by 51.1 per cent.
This January in Vancouver the amount of dollar volume transactions fell to $1.36 billion from $2.8 billion from January of 2016. The amount this year was a great difference from last year.
The newly enforced currency rules in China have put a restrain on Vancouver’s housing/real estate market.
In the meantime, the prices of houses in Toronto have been rising at a surprising, mouthwatering speed with the beginning price up by 22 per cent. This is about $705,900