{"id":3592,"date":"2016-10-06T10:10:33","date_gmt":"2016-10-06T17:10:33","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=3592"},"modified":"2016-10-04T18:34:36","modified_gmt":"2016-10-05T01:34:36","slug":"another-big-drop-for-metro-vancouver-home-sales-in-second-month-after-foreign-buyer-tax","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/10\/another-big-drop-for-metro-vancouver-home-sales-in-second-month-after-foreign-buyer-tax\/","title":{"rendered":"Another Big Drop for Metro Vancouver Home Sales in Second Month After Foreign-Buyer Tax"},"content":{"rendered":"

The latest data from the Real Estate Board of Greater Vancouver (REBGV) is in, and some believe it indicates that Metro Vancouver\u2019s once red-hot housing market may be starting to cool.<\/p>\n

According to the October 4th report, Metro Vancouver home sales fell 9.5% month-over-month and 32.6% year-over-year in September, similar to declines seen in July and August. Home sales in the region were also below the 10-year average for the month for the first time since May 2014.<\/p>\n

\u201cThere\u2019s no doubt \u2014 the number of transactions has gone down and homes are on the market longer,\u201d REBGV President Dan Morrison told the Financial Post. \u201cThe tax spooked everybody, and even locals are now holding back and watching.\u201d<\/p>\n

On August 2nd, the BC government put a 15% tax on foreign purchases of Metro Vancouver residential real estate in place. BC government data released in mid-September shows that it has already significantly reduced foreign purchases of homes in the area, and as Morrison points out, the new REBGV numbers corroborate that idea. Further measures aimed at reducing foreign investment across Canada were introduced this week.<\/p>\n

\u00a0\u00a0\u00a0\u00a0 \"vancouver-home-sales-chart-1024x706\"<\/a><\/p>\n

What the new tax hasn\u2019t done is reduce Metro Vancouver home prices. In its report, the REBGV notes that the MLS Home Price Index composite benchmark price for all homes in the region is currently sitting at $931,900. That\u2019s a 0.1% decline from the previous month, but a 28.9% increase year-over-year.<\/p>\n

Previously, the REBGV has said that prices remain high because demand is still outpacing supply in most Metro Vancouver communities, and that largely remained true in September. While conditions differ depending on property type \u2014 for example, condos and attached homes were in higher demand last month than detached properties \u2014 the sales-to-active-listings ratio during that period was 24.1%. Prices begin to experience upward pressure when it has been between 20 and 22 per cent for a sustained period of time.<\/p>\n

Notably, however, the ratio is declining, albeit slowly, meaning that supply and demand are beginning to even out. In fact, 24.1% is the lowest it\u2019s been since February 2015. \u201cThe supply is building and people are waiting,\u201d Vancouver real estate agent Keith Stride told the Financial Post. \u201cThat data will end up presenting itself, but now is too soon.\u201d<\/p>\n

Another Big Drop for Metro Vancouver Home Sales in Second Month After Foreign-Buyer Tax <\/a>by Charlotte McLeod | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"

The latest data from the Real Estate Board of Greater Vancouver (REBGV) is in, and some believe it indicates that Metro Vancouver\u2019s once red-hot housing market may be starting to … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-3592","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nAnother Big Drop for Metro Vancouver Home Sales in Second Month After Foreign-Buyer Tax • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/10\/another-big-drop-for-metro-vancouver-home-sales-in-second-month-after-foreign-buyer-tax\/\" \/>\n<meta name=\"twitter:card\" 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