Vancouver Home Sales in Plummet by Nearly 40%

November 9, 2016 Market Conditions

The number of home sales in the month of October dropped by 38.8 per cent when compared to the same month in 2015, as revealed by new statistics provided by the Real Estate Board of Greater Vancouver. In the past month, only 2,233 properties were sold, compared to 3,646 home sales in October 2015.

This staggering drop in sales follows the introduction of a number of federally and provincially enforced measures aimed to control soaring housing prices across the nation. These measures include the 15 per cent tax on foreign nationals buying property in Vancouver, and the new mortgage rules impacting lending rates.

“Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) President said. “Potential buyers and sellers are taking a wait-and-see approach to try and better understand what these changes mean for them.”
The benchmark price for all residential properties also dropped slightly by 0.8 per cent from September of this year. However, overall the benchmark price for properties is up by 24.8 per cent when compared to October 2015, sitting at a total of $919,300.