Vancouver home sales fall in August after new tax

A new Canadian Press article focused on the 26 per cent fall in Vancouver-area home sales in August compared to the same month last year. Experts said the new foreign-buyers tax added to the effect of a natural slowdown in the market. UBC Sauder School of Business professor Tsur Somerville commented that it’s hard to measure the effect of the tax without new government data but that sales of detached homes dropped 45 per cent in August. He believed prices are unlikely to fall, but the rate of price increases would slow down.

This story appeared on CTV News, Winnipeg Free Press, and Metro News.