Metro Vancouver home sales are down big time, according to MLS data only available to realtors.
Data provided by Realtor Steve Saretsky shows an 86 per cent drop in sales for the first two weeks this August compared to the same time period last year.
The cities that showed the steepest decline were the ones most attractive to foreign buyers.
“Burnaby and Richmond. South Delta is really slow too, that was a market that went up $400,000 in 4 month period.”
Richmond saw 89 sales this time last year, compared to 12 this year.
Burnaby has gone from 54 to just 11, Richmond from 89 to 12, and West Vancouver has seen a drop from 72 in 2015 to 15 this year.
But it’s not all because of the foreign buyer’s tax.
“It’s a lot of locals, taking break and wanting to see what going to happen next is.”
READ MORE: B.C. foreign buyers tax kicks in
He says the drop is all in detached homes.
“The attached side is a slight slowdown in sales but for the most park prices haven’t changed, you’re still seeing a lot of multiple offers, so the attached side is alive and well but the detached side has dropped off significantly.”
He adds, he’s already seeing homes sell for less.