The BC Real Estate Association says the end of August did see a slow-down in demand on certain homes.
It’s attributing that to both the 15 per cent foreign buyer tax, and the three per cent property transfer tax on homes over $2 million.
Chief Economist Cameron Muir says, however, that demand is still quite strong across most regions of the province.
“We’ve seen sales edging out in Vancouver now for a number of months. Sales in Vancouver actually peaked in February on an adjustment basis and in August they were down, year-over-year about 26 per cent. Whereas if we look at the entire province sales were actually up one and a half per cent.”
Close to 9,000 residential unit sales were recorded in August compared to last year.
But the total sales dollar volume was $5.1 billion, which is down 6.7 per cent versus this time last year.