Sales of detached homes have plummeted, but home prices continue to rise year-over-year in Metro Vancouver’s heated housing market.
Metro Vancouver home sales are down 32.6 per cent in September on year-over-year basis, and were down 9.5 per cent from August.
But the average sale price is up 28.9 per cent to almost $932,000.
That’s the latest from the Real Estate Board of Greater Vancouver.
President Dan Morrison says it was the second month the 15 per cent foreign buyer tax applied.
“There is no question that the new tax has been a huge part of that, there is still alot of uncertainty, people are waiting to see, and not just with foreign buyers but local buyers. Everybody wants to know how this is impacting the market, should I wait to buy because prices might drop, or this is the perfect time to jump in.”
He says changing market conditions meant more demand for condos and townhouses than detached homes.
“Six-hundred and sixty-six houses in the month of September which is a 47 per cent drop from a year ago, so that’s a significant amount, but it’s even down a little bit from August which was a bit of a surprise.”
As far as prices, he says home buyers and sellers are having difficulty establishing price as a result of uncertainty in the market.
Sales of detached homes almost dropped in half year over year, with a 47 per cent decline. However, the average price was up 33.7 per cent to $1,579,400.
Last month was the second month that a 15 per cent tax applied to foreign buyers of property