The hot soaring real estate market in Vancouver recently saw a cooling off period down after the endorsement of the tax on foreign buyers, however, the decrease continued trends that were already in existence. The CMHC’s Principal Market Analyst for Vancouver, Robyn Adamache made note that; “Foreign buyer activity is one of many factors impacting the Vancouver housing market.”
The other contributing factors made mention by the Housing Corp. and the Canada Mortgage was the limitation on supply for land and housing as well, with the demographic basics and economic of the country that was propelling demand.
Robyn said there was a decline in sales and prices even before the Foreign Buyers tax was brought up, all it did was just highlighted the already present trends in the resale market. CMHC said that before the tax was introduced in Vancouver, sales were already preforming poor and slowing down, as the average prices reduces and a shift concentrating on the sales of greater condos.