With a new tax on foreign homebuyers in Vancouver expected to slow purchase activity, there is a greater risk the city’s lofty real estate prices would be vulnerable to a potential jump in local unemployment, Fitch Ratings said on Monday. The new tax will likely be effective in tamping down buyer activity, Fitch analysts wrote,
Earlier this month, as surging Vancouver luxury home prices were making international headlines and local real estate boards reported continued price spikes, another set of gauges was telling a different story. These numbers revealed that average home prices in Metro Vancouver have been falling — not just in recent weeks, but also going back several
Home sales in July declined for the third consecutive month, led by a hot real estate market in Vancouver that may be showing signs of cooling, some analysts say. National figures from the Canadian Real Estate Association (CREA) show that on a national basis, sales fell 1.3 per cent from June to July, while the number
