New tax hits Vancouver market with 86% drop in sales

Summer Slump: Metro Vancouver house sales plummet after offshore tax introduced

SAM COOPER Published on: August 25, 2016 | Last Updated: August 25, 2016 9:36 AM PDT

Home sales dropped in Metro Vancouver by up to 86 per cent after the introduction of the foreign investor tax on Aug. 2, according to official MLS data only available to realtors.

The Multiple Listing Service data obtained by Postmedia News and anecdotal information from 10 real estate agents suggests that the region’s previously ultrahot market for single-family houses has frozen solid. Some luxury homeowners have already slashed their asking prices in order to quickly escape dangerous market conditions.

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