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

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Real Estate Professional | 04 Oct 2016, 11:00 AM Agree 0
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
  • $$$ | 04 Oct 2016, 11:32 AM Agree 0
    Vancouver's xenophobic attitude will hit seller's hard. Imagine loosing tens of thousands of dollars on your home because of government interfering in the market?!?
  • Looking for Integrity in Reporting | 04 Oct 2016, 11:42 AM Agree 0
    Sure would be nice to have links to facts on these news stories. And the headlines make me laugh as they can be so misleading.
  • | 04 Oct 2016, 11:49 AM Agree 0
    Imagine paying tens of thousands less for your affordable home ! Due to government intervention,
  • Peter B. Realtor | 04 Oct 2016, 12:50 PM Agree 0
    The government did not cause this. The government simply siphoned 15% tax for itself and is taking credit for cooling the over-valuation that would have cooled itself.
    Not an issue right now but if the market stays level for drops over the next 5 years... when many of the new mortgages are up for renewal... then c*** will really hit the fan.
    All of those over-leveraged homes. All of those poor homeowners that will not be able to shop for furnishings, improvements. All of those services that will loose business and so-on. Those are the ones I feel for, not foreign buyers that may loose some of their market-gambling dollars.
    Super-hot markets will always burst and lead to losses for supporting industries and business interests.
    The government? They will simply shift the bill to someone else' shoulders.
    Let's see what spring brings.
  • | 04 Oct 2016, 12:58 PM Agree 0
    Look at parts of New York NY. Same thing happening there in many ways but two fold higher prices and their government sees no need to intervene. The free market prevails , it is what it is due to popular vote. Let it ride.
  • Neil Thompson, RE/MAX | 04 Oct 2016, 03:51 PM Agree 0
    Someone mentioned it would be nice to get a report on what is going on in the Vancouver Market.
    If you want a great monthly report on this subject drop me an e-mail at grad@shaw.ca and I'll put
    you on my mail out list.
  • Neil Thompson, RE/MAX | 04 Oct 2016, 04:12 PM Agree 0
    As Realtors, we know that statistics can be used to prove anything. First of all, while the sales in September 2015 were 3,345, and the sales in September, 2016 were only 2,253, that only means something if 3,345 were the normal number of sales for a September. The truth of the matter is that in the past 16 years, there have only been 5 years where the sales in September were over 3,000. Last year was crazy, this year we have had to deal with Provincial Forays into Foreign Buyer Tax, City Government into Vacant Home Taxes and the Federal Government into numerous Mortgage Rule changes including another one today! The average number of sales in September since the year 2000 has been 2,562. So this year was slightly below average. Also the word "plunged" brings to mind a crashing airplane or some other disaster. I rather doubt our Board ever uses the word, but maybe they did. Starting with 2015 and working backwards, the sales for September back to 2000 were 3,345, 2,922, 2,483, 1,516, 2,255, 2,220, 3,559, 1,595, 2,799, 2,538, 3,418, 2,853, 3,362, 2,261, 2,164 and 1,713.
    Plunge? At the time of the announcement of the Foreign Tax, a colleague of mine put a small listing on in downtown for $499,000. For about 5 weeks, the in the 6th week she had numerous calls and it sold for $490,000. Within a week, I put an identical unit on the market at $509,000, and it sold to the first person through the door for $500,000. Our market is good, and will stay that way, I believe. Ups and downs are just part of market!
  • Aritzia | 13 Oct 2016, 01:16 PM Agree 0
    I believe foreign buyers are a main issue for driving up property prices.
  • Ross | 13 Oct 2016, 04:43 PM Agree 0
    The article could have the title Vancouver house prices soar by 29%.
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