Vancouver homes sales fall 26% in August after new tax

Vancouver homes sales fall 26% in August

Stats come one month after 15% foreign buyers tax was implemented


VANCOUVER – The Real Estate Board of Greater Vancouver says home sales fell 26 per cent last month compared to the same month last year.

The data comes a month after the B.C. government implemented a 15-per-cent tax for foreign buyers in Metro Vancouver in an effort to cool down one of the hottest real estate markets in North America.

Dan Morrison, president of the real estate board, says it will take a few more months before the impact of the new tax on the housing market can be assessed.

Morrison says the record-breaking sales seen earlier this year have been replaced by “more historically normal activity” in July and August.

While sales were down, the real estate board also reported that the composite benchmark price for all residential properties in Metro Vancouver was $933,100, a 31.4 per cent jump compared to August 2015.

Note to readers: This is a corrected story. A previous version said the city implemented the tax.