CMHC says drop in Vancouver home sales part of trend that started before new tax
OTTAWA — A report by Canada Mortgage and Housing Corp. says home sales in Vancouver were already slowing before the plunge in recent months in the wake of a new tax on foreign buyers.
In its housing market insight report into the preliminary impact of the foreign buyers tax, CMHC said Thursday it’s too early to determine the long-term impact of the decision.
The housing agency says the drop in sales in August and September continued an already established trend, particularly at the higher end of the price range.
Robyn Adamache, CMHC’s principal market analyst for Vancouver, said foreign buyer activity is one of many factors in Vancouver.