The Real Estate Collapses By $7 Billion As Ontario Observes And Looks For Own Solution
A report by the real estate agents in British Columbia showed that there was a significant down surge of sales form the month of March to 22% in contrast to the previous year. This was mainly attributed to the plunge of new supply in the market.
The Association itself in a communique released on Thursday, highlighted that there had been a drop in the same month the previous year in active listings, 18.1% to $25,020. Although this down spiral move had transpired, the medium price vended throughout the municipality dropped by 10% to $690,597, at the same period.
Brendon Ogmundson, an economist representing a group of real estate agents spread throughout the area, noted that, ”following the high sales of Blockbusters in 2016, customer demand has continued to regularize. On the other hand the availability of sales in other regions has been very minimal, thus, has been steadily decreasing.”
A keen curiosity has been developed by the Politicians from Ontario on the Columbia Housing Market with special interest in Vancouver. Prices had been at a high in the month of March to 33% increases in the Greater Toronto area compared to the previous year. This specific attention is to machinate ways of cooling down any envisage debacle.
Doug Porter, the chief economist of the Bank of Montreal and many other people applauded the extra 15% property tax imposed on foreign buyers by the British Columbia Government, hence, have remarked that it should be applied to the dot in Toronto.
It is against this backdrop that people of special interest in Vancouver, complained bitterly of such tax reforms and how it has affected their markets. Since its advent, sales in Vancouver have dropped 37% in the first three months in contrast to same period last year.
The repercussions had affected the whole province showing a drop, $14 billion was marked in the first quarter of the year which had declined from $21.6 billion in the year before. The Greater Vancouver market’s dollar volume was at $7.4 billion in the first quarter, showing a decline from $13.3 billion the previous year.
The British Columbia Real Estate Association in its newest publication noted that, “The minimal price in the B.C. area had been down year after year. This is due to the sudden move of sales away from high-priced homes in the Greater Vancouver area. Due to insufficient inventories, prices have kept skyrocketing. Victoria region has been most affected since it has only a month of inventory left for vending.”
J C Loum
