Home sales cool quickly in Vancouver

The Conference Board of Canada says sales activity in the Vancouver housing market has cooled quickly.

In August 2016, the number of home sold in Vancouver dropped by 18.8 per cent compared with the previous month, and 26.1 percent compared with the previous year.

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The report notes the declinefollows the Aug. 2 implementationof a15 per cent foreign buyers tax on purchases ofMetro Vancouver homes.

In the Fraser Valley the volume of home sales is also down by 10 per cent in a month-to-month comparison,and 3.7 per cent compared with the previous year.

The Victoria housing market recorded a drop in sales activity in August of 6.4 per cent compared with July numbers. But in a year to year comparison, Victoria recorded anincrease in sales of 14.9 per cent.

The report,entitled Metropolitan Resale Snapshot, notes average home prices in Victoria and the Fraser Valley are projected to risebetween 5 and 6.9 percent in the next year, while Vancouver home prices are expected to level off.