Foreign tax hurting realtors but not homeowners as Metro Vancouver sales dive, prices unchanged

Home sales down 33 per cent since 15 per cent tax kicked in, detached house benchmark flat at $1.58 million

Sales of Metro Vancouver homes have plunged since the B.C. government imposed a foreign buyer tax in August, but new statistics show prices have only flattened, rather than falling.

The Real Estate Board of Greater Vancouver reported a nearly 33 per cent dive in home sales in September from a year ago.

That’s bad news for realtors whose earnings depend on commissions, but there’s no sign yet that government intervention in the real estate market is cutting prices or the equity of homeowners.

September’s benchmark price for Greater Vancouver detached houses was $1.58 million in September, unchanged from July, just prior to the 15 per cent foreign buyer tax taking effect in Metro Vancouver.

The detached house benchmark prices remains 34 per cent higher than a year ago.

Condos at a benchmark price of $511,800 are also unchanged from July, while townhouses are up about one per cent to $677,000.

The Greater Vancouver real estate board’s coverage area excludes Surrey, White Rock, Langley and North Delta, which are also subject to the tax but represented by the Fraser Valley Real Estate Board.

The Fraser Valley board also reported prices were generally flat in September while sales were down 24 per cent year-over-year.

The benchmark price of detached houses in the FVREB area was $879,200 in September, which is still up more than 37 per cent from a year ago and down 1.1 per cent from August.

The FVREB’s benchmark price of townhomes was $419,500 while condos were $249,800.

Federal finance minister Bill Morneau yesterday unveiled further measures to deter speculation in hot housing markets, including tighter mortgage qualification rules and a crackdown on abuse of the principal residence declaration to avoid capital gains tax.

More to come

Just Posted

High school completion rates up in Agassiz and Hope

2017-2018 school year shows 10.7 per cent increase in graduating students

Hope man receives letter of apology after being escorted out of Chilliwack library

Mike Wilson fears the same treatment he received Nov. 2 by security guards will happen to others

Chilliwack school kids draw ‘don’t drink and drive’ messages on liquor store bags

Children from six elementary schools decorate bags as part of promotion created by local Mountie

New exercise class in Hope fills a need for those who can’t attend other seniors fitness classes

Get Up & Go is gentle exercise with a goal of increasing quality of life and social connections

PHOTOS: Christmas comes early for Hope shoppers

Local merchants kept shops open late for Dec. 8 Ho Ho Hope Christmas Fest

VIDEO: Ex-NASA engineer pranks mail thieves with glitter bomb trap

Package thefts are common this time of year, but YouTuber Mark Rober used his engineering skills

5 to start your day

Trial date postponed for Oscar Arfmann, Conservation Officers probe cougar attack in Mission and more

‘Laverne & Shirley’ star, ‘Big’ director Penny Marshall dies

Marshall died of complications from diabetes on Monday, Dec. 17, 2018, at her Hollywood Hills home. She was 75.

B.C. Court of Appeal to rule in terror case that centres on RCMP conduct

B.C.’s appeal court is scheduled to release a decision today on a couple whose guilty verdict over plotting to blow up the provincial legislature was thrown out by a lower court judge.

Trump backs off on demand for $5 billion to build a border wall

Congress and President Donald Trump continue to bicker over his demand that lawmakers fund a wall along the U.S.-Mexico border.

Canadian detained in China, not clear if related to two other detentions

Reports suggest the person is not a diplomat or entrepreneur doing business in China.

Trudeau sees 2019 election as choice between positive Liberals, divisive Tories

Trudeau is drawing much the same battle lines that propelled the Liberals to a come-from-behind victory in 2015

Snowfall warning issued for Coquihalla, Highway 3

Make sure to equip winter tires if travelling

Lightning top Canucks 5-2 in feisty battle

NHL’s No. 1 team too much for Vancouver

Most Read