Vancouver home sales plunge nearly 33% last month, real estate board says

Vancouver home sales plunge nearly 33% last month, real estate board says | iNFOnews.ca
A sold sign is pictured outside a home in Vancouver, B.C., Tuesday, June, 28, 2016. The Real Estate Board of Greater Vancouver says home sales in Metro Vancouver in September fell by 32.6 per cent compared to the same month last year. THE CANADIAN PRESS/Jonathan Hayward

VANCOUVER – The Real Estate Board of Greater Vancouver says home sales in Metro Vancouver in September plunged by 32.6 per cent compared to the same month last year.

The board says there were 2,253 homes sold last month, a steep drop from the 3,345 home sales recorded in September 2015.

Last month was the second month that a 15 per cent tax applied to foreign buyers of property in the city.

The composite benchmark price for all residential properties was $931,000, a 28.9 per cent increase compared to the same month last year but a 0.1 per cent decline compared to August 2016.

Board chairman Dan Morrison says there's uncertainty in the city's real estate market and homebuyers and sellers are having trouble establishing prices as a result.

Morrison says there is more demand for condominiums and townhomes than detached homes, supporting some analyst predictions that there's still interest among first-time buyers to get into the Vancouver market.

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Marshall Jones

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