Foreign tax hurting realtors but not homeowners as Metro Vancouver sales dive, prices unchanged

Home sales down 33 per cent since 15 per cent tax kicked in, detached house benchmark flat at $1.58 million

Sales of Metro Vancouver homes have plunged since the B.C. government imposed a foreign buyer tax in August, but new statistics show prices have only flattened, rather than falling.

The Real Estate Board of Greater Vancouver reported a nearly 33 per cent dive in home sales in September from a year ago.

That’s bad news for realtors whose earnings depend on commissions, but there’s no sign yet that government intervention in the real estate market is cutting prices or the equity of homeowners.

September’s benchmark price for Greater Vancouver detached houses was $1.58 million in September, unchanged from July, just prior to the 15 per cent foreign buyer tax taking effect in Metro Vancouver.

The detached house benchmark prices remains 34 per cent higher than a year ago.

Condos at a benchmark price of $511,800 are also unchanged from July, while townhouses are up about one per cent to $677,000.

The Greater Vancouver real estate board’s coverage area excludes Surrey, White Rock, Langley and North Delta, which are also subject to the tax but represented by the Fraser Valley Real Estate Board.

The Fraser Valley board also reported prices were generally flat in September while sales were down 24 per cent year-over-year.

The benchmark price of detached houses in the FVREB area was $879,200 in September, which is still up more than 37 per cent from a year ago and down 1.1 per cent from August.

The FVREB’s benchmark price of townhomes was $419,500 while condos were $249,800.

Federal finance minister Bill Morneau yesterday unveiled further measures to deter speculation in hot housing markets, including tighter mortgage qualification rules and a crackdown on abuse of the principal residence declaration to avoid capital gains tax.

More to come

Just Posted

Agassiz-Harrison Museum showcases refreshed galleries, exhibits

The museum opened for the season on the May long weekend

Chilliwack man urging drivers to follow rules of the road

‘People might think I’m stupid for doing this but it’s my life,’ says scooter operator

Man pleads guilty to Surrey crash that killed two Abbotsford women

Sarah Dhillon and Paige Nagata died following head-on collision on Nov. 4, 2018

LETTER: Emergencies can wait on Sasquatch Mountain

Hemlock Valley resident Andy Ibbetson writes about his concerns on the new E-comm 911 service

Semi truck crashes into highway barrier cable near Chilliwack

Witnesses warning other drivers to watch for debris in other lanes

VIDEO: Quadriplegic man takes flight over Harrison Mills

Jim Ryan hasn’t moved his arms or legs for three years, but that didn’t stop him from paragliding

Raptors beat Bucks 120-102 to even series at 2-2

Lowry pours in 25 as Toronto moves within two games of NBA Finals

Body of missing snowmobiler recovered from Great Slave Lake

Police confirm the body is that of one of three missing snowmobilers

Toddler seriously injured after falling from Okanagan balcony

RCMP are investigating after a two-year-old boy fell from the balcony of an apartment in Kelowna

Fraser Valley chef sentenced to seven years for million-dollar drug operation

Raymon Ranu has been working as a cook since he was arrested for selling fentanyl and cocaine

Cost jumps 35% for Trans-Canada Highway widening in B.C.

Revelstoke-area stretch first awarded under new union deal

Is vegan food a human right? Ontario firefighter battling B.C. blaze argues it is

Adam Knauff says he had to go hungry some days because there was no vegan food

Winds helping in battle against fire threatening northern Alberta town

Nearly 5,000 people have cleared out of High Level and nearby First Nation

Most Read