Current Conditions

Partly Cloudy
23.5°C

Vancouver home sales plunge nearly 33% last month, real estate board says

A sold sign is pictured outside a home in Vancouver, B.C., Tuesday, June, 28, 2016. The Real Estate Board of Greater Vancouver says home sales in Metro Vancouver in September fell by 32.6 per cent compared to the same month last year.
Image Credit: THE CANADIAN PRESS/Jonathan Hayward
October 04, 2016 - 8:30 AM

VANCOUVER - The Real Estate Board of Greater Vancouver says home sales in Metro Vancouver in September plunged by 32.6 per cent compared to the same month last year.

The board says there were 2,253 homes sold last month, a steep drop from the 3,345 home sales recorded in September 2015.

Last month was the second month that a 15 per cent tax applied to foreign buyers of property in the city.

The composite benchmark price for all residential properties was $931,000, a 28.9 per cent increase compared to the same month last year but a 0.1 per cent decline compared to August 2016.

Board chairman Dan Morrison says there's uncertainty in the city's real estate market and homebuyers and sellers are having trouble establishing prices as a result.

Morrison says there is more demand for condominiums and townhomes than detached homes, supporting some analyst predictions that there's still interest among first-time buyers to get into the Vancouver market.

News from © The Canadian Press, 2016
The Canadian Press

  • Popular penticton News
  • Comments
  • How Vernon residents are spreading community spirit one painted rock at a time
    VERNON - Located on a nondescript side street in Vernon sits a landmark known by all the neighbourhood kids as ‘The Wishing Tree.’ A little wooden sign describing it as such has
  • Police seek missing North Okanagan teen
    VERNON – RCMP are looking for the public’s help finding a missing 16-year-old North Okanagan girl. Ebony Holmgren was last seen on June 16 in the 11000 block of Tassie Drive in C
  • Depp's 'assassin' comments the latest in celebrity anger
    NEW YORK - Johnny Depp apologized Friday for joking about assassinating Donald Trump during an appearance at a large festival in Britain, the latest example of artists using violent imagery when d
  • Heat wave expected across Interior this weekend
    The Interior is going to be hit by a heat wave. Environment Canada has issued a special weather statement warning about hot weather across the Southern Interior, including the South Thompson
  • Okanagan cherry season is underway
    KELOWNA - Nothing quite says summer in the Okanagan than eating ripe, juicy cherries until your hands are stained red and your stomach is aching it’s so full. Lucky for us, that time is now.
View Site in: Desktop | Mobile