Luxury home sales fell in the two formerly hot housing markets of Vancouver and Toronto, as well as Calgary, in the first couple months of the new year, according to data released Wednesday by Sotheby’s International Realty Canada.
However, Vancouver and other parts of British Columbia have faced additional policy measures, he said, listing off a five per cent hike in the foreign buyers’ tax, as well as a speculation and vacancy tax, and an additional school tax on properties valued at more than $3 million. Real estate figures have shown a downward trend in prices and sales activity in Vancouver recently that many have attributed to the new measures.
“We believe that there’s a closer alignment between buyers and sellers in terms of what prices are,” he said, noting prices in Vancouver have already fallen to more attractive levels.
Corruption cools in Toronto and Vancouver.