A new report by National Bank Financial is predicting a massive fall in home prices in Vancouver.
“We think a correction will begin soon,” the report’s author Marc Pinsonneault says, predicting a 20% slide over the next year for detached houses.
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The report says new rules on minimum down payments, and the new 3% provincial tax on houses over $2-million as part of the reason why.
Across the board the report is predicting a 9% fall for attached homes, with condos dropping by 5% over the next 12 months.
While housing sales have declined significantly since the governing B.C. Liberals introduced a 15% foreign buyers tax in August, prices have yet to come down.