Vancouver real estate market has been on the headlines and on the lips of every Canadian investor as the housing prices shot skyrocketed over the past four years.
But to the amusement of all, the Vancouver housing market noticed a considerable fall. The standard home price fell to $919,300 which implies a 0.8% decrease stated the Real Estate Board of Greater Vancouver.
The figures which came out were made along with corrections from the figure that was released in September 2016
In which the Real Estate Board of Greater Vancouver reported the price as $931,900 instead of $926,600 which is a 0.7% decrease from August.
This actually implies that, the fall in prices really began in September; however, the figures in October were even lower compared to that of September.
According to the Real Estate Board of Greater Vancouver, they make use of a standard variable to determine the prices which considers the typical costs in a particular market area.
From its statistics, the Real Estate Board of Greater Vancouver also shows that listings for homes in Greater Vancouver had also dropped in October in comparison to previous months.
Dan Morrison, president of the Real Estate Board of Greater Vancouver stated that, the improvements and new laws in the market have placed investors in a holding pattern.”
He went on stating that prospective investors are also waiting out to evaluation the market situation as a result of the changes made by the introduction of new laws.
Some of the changes which included a 15% tax on foreign investors have lead to a decrease of foreign investor’s participation in the Canadian real estate market from 13.2% to 1.3%.
New mortgage rule shave also slowed that first-time buyers and there are also difference in prices of various kinds of properties.