In what could be an effect of Metro Vancouver’s new foreign buyers tax, sales of detached homes in Richmond have dropped significantly.
Vancouver realtor Steve Saretsky says while some paperwork may not have been filed yet, MLS data shows just eight houses moved in the first two weeks of August.
He says those numbers could climb as sales with subjects trickle in, but estimates no more than 30 for the first half of the month… and around 60 for all of August.
He says that’s far fewer than the monthly average of about 200.
“It’s a psychology change. A lot of the market before was driven by FOMO, fear of missing out. Prices keep going up and up so people want to jump in the market and make some money, or they felt they were going to get priced out. And then reports started to come out that things were slowing down, and then of course you had the announcement of the foreign buyer tax. So instantly, like that week, you could see it.”
Saretsky says sales are slower than the normal summer lull, but September sales will tell the real story.
Recent provincial data shows Richmond led the region for sales to forgein buyers, snapping up about 19% of homes in a one month period.