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Real estate figures for June 2018 show a slowdown in sales despite increased availability in some of BC's hottest markets – which, according to several real estate boards, suggest that news demand measures are working as planned. The Greater Vancouver Real Estate Board estimates that the supply of residential homes hit a three-year high in June, but sales were down 37.7% from the same month last year and 28 , 7% compared to the ten-year average of June. "Buyers are less active today," REBGV chairman Phil Moore said in a statement. "This allows the supply of homes for sale to accumulate at levels that we have not seen in recent years."
In the release, Moore suggests that the decline in activity may be due to rising interest rates and more restrictive mortgages
History similar to Victoria …
During this time, in the provincial capital, the Victoria Real Estate Board announced a 29.8 percent drop in sales in June compared to the same month in 2017.
VREB President Kyle Kerr also cited the new Mortgage Regulation, but also suggested that BC's impending speculative tax could already have an effect
"Even demand measures that are not yet in effect, such as Vancouver / Kelowna Nanaimo / Victoria-specific speculation tax, [are] is driving the market down, as many consumers stand aside to monitor what's going on, "Kerr said in a statement
. June 2018 was up 35.5 for c on June 2017.
… and the Fraser Valley
The Fraser Valley Realty Commission has not yet released any statistics for June 2018, but its statistics for May 2018 are comparable.
Registrations increased by 29.5 percent in May 2017, and sales decreased by 35.1 percent in the same time window.
The BC Project The speculative tax was first announced in the province's February budget. Vacant properties would be subject to an additional 0.5% tax in 2018.
By 2019, this percentage would increase to 1% for Canadians from outside the province and 2% for foreign investors.
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