Even as Scotia Bank warns that the Greater Toronto real estate boom is not sustainable and could shock the market depending on how it ends, the move by B.C. to impose a 15 per cent foreign buyers’ tax has reined in new listings in the Greater Vancouver market.
New listings in March fell to their lowest level in eight years as prospective buyers take a wait-and-see attitude to where our market is going.
The number of sales of detached houses, condos, and townhomes totalled 3,579 last month, down 30.8 per cent from the record 5,173 transactions a year earlier.
But March sales did climb 47.6 per cent compared with February.
There’s still no doubt housing unaffordability in the Greater Vancouver area will be one of the key themes of this Spring’s provincial election, as prices continue to be out of reach for most first-time buyers.