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.
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.
- Is home ownership only for the rich now? 80% say yes in new poll
- Canadian food banks are on the brink: ‘This is not a sustainable situation’
- Posters promoting ‘Steal From Loblaws Day’ are circulating. How did we get here?
- Investing tax refunds is low priority for Canadians amid high cost of living: poll
Comments