Vancouver Homes Sales Decline
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver totalled 2,489 in August 2016, a decline of 26 per cent compared to the 3,362 sales in August 2015;
10.2 per cent less than the 2,771 sales in August 2014;
and one per cent less than the 2,514 sales in August 2013.
August 2016 sales also represent a 22.8 per cent decline compared to last month’s sales.
From a historical perspective, last month’s sales were 3.5 per cent below the 10-year sales average for the month.
“The record-breaking sales we saw earlier this year were replaced by more historically normal activity throughout July and August,” Dan Morrison, REBGV president said.
"Sales have been trending downward in Metro Vancouver for a few months.
The new foreign buyer tax appears to have added to this trend by reducing foreign buyer activity and causing some uncertainty amongst local home buyers and sellers.