Property sales in January are down 40 per cent from the same month last year, with detached homes taking the brunt of the freefall.
But Real Estate Board of Greater Vancouver president Dan Morrison says inventory is still low and buyers are still out there.
“It’s going to be really interesting to watch the detached market to see if the sales pick up.”
While the detached market is lagging, condos and townhouse sales have also experienced a dip.
However, the average sale prices for those two markets have remained about the same or experienced a slight increase.
But with Premier Christy Clark’s impending changes to the foreign buyer’s tax for those with work permits, Morrison says it’s righting a wrong.
“We’re glad to see them reverse that and go to something a little more fair for people that are living and contributing to our communities.”
Morrison says there are still buyers and sellers waiting on the sidelines.