Date
4 December 2016
Following a series of measures aimed at cooling the market, homes sales in Vancouver fell sharply last month. Photo: Bloomberg
Following a series of measures aimed at cooling the market, homes sales in Vancouver fell sharply last month. Photo: Bloomberg

Vancouver home sales plunge after new cooling measures

Home sales in Vancouver were down 39 percent in October compared to the same month last year after authorities introduced new regulations to cool Canada’s most expensive property market.

Sales of residential units in the Pacific coast city fell to 2,233 in the month from 3,646 a year earlier, Bloomberg reports, citing the Real Estate Board of Greater Vancouver. 

The figures was 15 percent below the 10-year average for October and marked the biggest slide since 2010, according to the report.

The slowdown follows a series of measures aimed at curbing price gains in Vancouver, which topped a list of global cities identified as most at risk of a housing bubble.

The British Columbia government imposed a 15 percent tax on foreign buyers in August.

The city plans to start taxing vacant homes next year and the federal government also tightened mortgage insurance eligibility requirements early last month.

Prices for all residential properties in metro Vancouver climbed to an average of C$919,300, marking a 25 percent increase from a year earlier but a 0.8 percent decline from the prior month.

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