Although there seems to have been a slump in the sale of homes in Vancouver, which seems to have made worse the situation concerning the foreign buyers’ tax, it does not, however, replicate the broader provincial housing market. Even though there are areas with home sales declining, the British Columbia Real Estate Association said there are also other places experience increase and steady growth.
The Chief Economist of BCREA, Cameron Muir said; “Housing demand in the province continued to trend lower in September. While Vancouver, Fraser Valley and the North experienced year-over-year declines last month, the rest of the province posted an increase in the number of residential transactions.”
The total sales throughout BC were lower by 11.2 per cent over the years during the month of September, with the benchmark MLS price declining by 3.2 per cent to $585,844. In addition to what he had to say, Muir commented; “The average residential price in the province continued to reflect a change in the composition and location of homes sold. However, the effect was less pronounced in September than in August, when detached home sales fell to just 28 per cent of total demand in Vancouver.”
Data showed the year-to-date sales displayed an increase of 18.5 per cent from last year. The number of units purchased was 93,797, with the average selling price increasing by 12.7 per cent over the year to $703,986.