Vancouver Real Estate News

Latest real estate news from Vancouver BC and Canada by Jay Banks and his Vancouver Homes team

Vancouver July 2017 Market Report: The Buyers are Shifting towards Condos

Last year in July the provincial government announced their foreign buyer tax. It was a mad scramble to close properties before the tax took effect which distorted the market at that moment. However, there was a slowdown in sales for several months afterwards while the market adjusted to the changes. The tax was eventually absorbed by the seller and the buyer of the higher end properties that attracted foreign investment. It did impact the number of detached sales.