William Lew Live-Dream-Play

Call or Text 604-862-1966 | EMAIL info@williamlew.com |

Vancouver buyers pulling back from high taxes


by Steve Randall26 Sep 2018

The speculation tax introduced by the British Columbia government is leading to a slowdown in the housing market according to a new report.

Sotheby’s International Realty Canada says that sales were down 24% over the summer and buyers’ concern over high taxes is starting to impact prices.

Its analysis of homes prices at $1 million and above found that all property types are showing weaker sales. Overall just 434 sales were recorded through the MLS in July and August.

In the $4 million and above sector sales dropped by a third to just 31 and condo sales fell 21% year-over-year to 162.

Brad Henderson, CEO of Sotheby’s International Realty Canada says the speculation tax is to blame and adding nervousness to the market.

“I think ‘fear of missing out’ has translated into the fear of paying too much if you’re a buyer, and the fear of selling too low if you’re a seller,” he told the Canadian Press.

Elsewhere, luxury sales increased in Montreal, Toronto, and Calgary.

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.