One month after introduction of the infamous 'foreign buyer tax' we're seeing a market that appears to be returning to stability after some frenetic-paced years (ok, let's just say it: CRAZY). As expected, Vancouver real estate sales were down in August compared to August 2015 in all categories: detached, townhouses, and apartments (condos). The number of detached sales were down 45%, townhomes -25% and condos -10%. Prices are still rising though, although at a slower pace, both year over year AND over the past 3 months. Vancouver detached prices are up 36% year over year and 4% over the past 3 months. Vancouver townhomes are +31% and +7% respectively, while condos prices are up +27% for the year and +6% over 3 months.
The sky is not falling...and other news about the Vancouver real estate market.
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Vancouver real estate
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