- Andy Clark/Reuters
Home sales in Vancouver have plunged again.
The latest data from the Real Estate Board of Greater Vancouver showed that home sales in the metro area in September collapsed by 32.6% year-over-year to 2,253 homes, according to Reuters.
The board said this “marked a return to historically normal levels,” according to Global News.
This follows last month’s drop of 23% year-over-year, which analysts argued suggested that the “Vancouver market may be softening.”
While the August drop coincided with a recent tax implemented on foreign buyers, a Capital Economics team noted last month that Vancouver’s home sales also fell by 27% year-over-year in July, before the tax was introduced.
Separately, on Monday, the Vancouver Sun reported, that the Federal finance minister Bill Morneau announced additional changes “that would target foreign buyers and overleveraged Canadians and appear designed to slow down a frenzied real-estate market in Vancouver and Toronto.”
The Canadian dollar is down by 0.4% at 1.3175 against the US dollar as of 10:22 a.m. ET.