October 13, 2016 1:05 pm
Updated: October 13, 2016 11:36 pm

New real estate numbers predict Vancouver market will soon slow or reverse

One real estate experts says the last huge increase in house prices was the last one, and the market is about to cool dramatically. Aaron McArthur has more.

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Number crunchers at Royal LePage predict Vancouver’s surging house market is marking its “final hurrah.”

Royal LePage CEO Phil Soper says home prices in Vancouver will slow or even reverse over the coming months, despite growing nearly 31-per cent year-over-year in the third quarter.

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READ MORE: New real estate rules to dampen home sales beyond Toronto and Vancouver, banks say

He says it can take about six months for prices to catch up with a change in demand, and points to last month’s 32-per cent plunge in home sales in Greater Vancouver.

READ MORE: Vancouver home sales plunge nearly 33% in September

Soper isn’t blaming B-C’s new 15-per cent tax on foreign home buyers for the decline, saying sales were already softening when the tax took effect in August, but he believes it may have been the change that finally tipped the scales.

More to come.

© 2016 The Canadian Press

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