A Vancouver realtor says prices are finally starting to drop in Metro Vancouver’s white hot real estate market.
Speaking to CKNW’s Jon McComb, Steve Saretsky, Realtor at Sutton Group-West Coast Realty, says he’s crunched the numbers.
“What we have discovered is about a three per cent drop in Richmond and Vancouver Westside, a three per cent price drop since June, so nothing crazy but we are seeing a ton of price reductions, so it will be interesting to see what happens next with prices.”
He says the slowdown is fuelled by the foreign buyers tax and uncertainty in the market, not necessarily because of the traditionally slower summer months.
“It’s definitely usually a little bit slower but if you’re going back and looking at historical data, it’s never normally this slow. I mean Vancouver eastside of 53 price reductions this month alone, you look back at the previous August, last year it was only like four price reductions.”
He says data from earlier this month shows an 86 per cent drop in sales for the first two weeks this August compared to last year.
Listen to the full interview here: