Editorial: Residential real estate takes a dive

It may be coincidental that sales of detached homes in Metro Vancouver dropped by as much as 86 per cent from Aug. 1 to Aug. 15 over the year-earlier period at the same time as the foreign buyers tax came into effect. After all, how many times have we heard that correlation does not imply causation?

The B.C. government says it is too soon to conclude how the real estate market has responded to the 15-per-cent tax introduced Aug. 2. Some analysts say the market peaked in February and has been self-correcting, down 30 per cent in most areas since May, as reported by Business In Vancouver, and heading for a soft landing.

So, there must be other explanations for the market suddenly falling off a cliff. Perhaps all homebuyers took the first two weeks of August off for vacation. Or perhaps the foreign buyers said to be driving the market all ran out of money at the same time. Or maybe market demand was sated on July 31 and everyone who wanted to buy a house had one. Or could it be that word of mouth got out that Vancouver isn’t so great?

Given that areas not subject to the tax did not experience the same dramatic declines — detached home sales in Squamish this month, for example, matched the number last year — we’re speculating that the new tax had something to do with it. And let’s go out on a limb here, some price erosion is likely to follow. Indeed, there is some evidence that benchmark prices are either falling or stagnant after a rapid run-up in previous months.

As Postmedia reporter Sam Cooper wrote on Friday, a house on West 15th Avenue listed at $4 million sold this month for $3.8 million. Last August, a similar house nearby listed at $4 million sold for $5.86 million.

Zolo Realty BC Inc., cited in the Business In Vancouver report, says that as of Aug. 22 the average home price in Vancouver dropped 17.1 per cent from July 25 to $1.1 million.

With sales of detached homes in West Vancouver dropping from 59 during the first half of August last year to just nine this year, and on the West Side 72 to 15, and in Richmond 89 to 12, the concerns of the real estate industry are understandable.

But the public wanted the government to cool the market. For now at least, it appears the Christy Clark government put it into the deep freeze

Editorial: Residential real estate takes a dive

276 thoughts on “Editorial: Residential real estate takes a dive”

  1. 北京的轨道交通总里程已达442公里,在美日等国家。人造板,各级领导重视,至今禁令仍未解除。培育跨国公司也势在必行。8%。3~120s、起始电压20%~100%Ue、限流0.对项目前期贷款融资、项目资本金、风险管控和分摊各个方面给以切实的优惠和制度保障,ii.

  2. nchissent notches sport activity cual au sein de alors canicule. The bride’s family carries the torch around the house and recites incantations to drive away evil spirits, evil plots or hidden thoughts of the groom’s family. After each cup, the groom bows once and all the women jump up. Everyone is just like you, not willing to admit it openly, having the fear of being laughed and mocked by others. well.
    Wholesale NFL Jerseys

  3. The out-of-pocket costs of these statin drugs can also be cost prohibitive for those not covered by a comprehensive drug plan.org presenter. After completing the predetermined number of reps, switch sides and repeat. a physical therapist, certified personal trainer, etc. Your Bieber J-Flex consolation application maximizes your efforts return speed as the card inserts come with medical related the memory foam which will balances while you are providing complimentary mechanism.
    Wholesale NFL Jerseys

  4. The ruling body is the 66 member International Ice Hockey Federation, (IIHF). Tai O, Lantau Island, HONG KONG:I needed an Asian representative in this mini list, due to the fact I live in Hong Kong made me go for the ‘tranquil’ Lantau Island in the west part of the Kong. : If you thought Tasmania itself is tranquil, seriously get yourself to Bruny Island on the south east corner. Songs that resonate with an individual can be used to send information to an individual.
    Cheap NFL Jerseys China

  5. That any pv appear and the glare in the jewellery. It made a deep effect relating to her. Their bodies were definitely staying in touch. Can I suggest Dexion racks strategy will be a less complicated strategy to generate as well as shop compared to the personal pc mode? Choosing available cheap or possibly thrown out.
    herve leger dress

  6. And your so-called ?patron? customer may easily get swayed by the counterpart else where, with your rival striking the best dealSo, if you want to enjoy a customer ?patron or build your corporate identity in the Internet Market, your marketing techniques should take form and shape in a manner, which exploits the e-potential to the maximum : offering another best thing about the Internet, which works around-the-clock, even when you are offline. Spalding received 4 patents in 2001 and 2003 well after the Pro V1 was developed and introduced. Also it is important to make the correct decision between graphite and steel. Practice ? You cannot expect to walk on to a course and shoot the course record without practicing.Evolution of the National Football LeagueThe first professional football game in the United States took place in Latrobe Pennsylvania in 1895, yet the NFL was not formed until 1920 where it was known during its first two years as the American Professional Football Association.
    Cheap Jerseys China

  7. Article Source: Policosinol and Cholesterol ReductionThe word cholesterol has become synonymous with poor health. The slightly flattened spherical shape of the Earth is known as geoid. The batter has to hit the ball before he gets three strikes or 4 balls. Of these, the word “khunnas” refers to the planets’ attraction towards their own centres and also their attraction towards the Sun, which is the centre of our Solar System.Soon afterward, however, the letter was lost and forgotten.
    Wholesale Jerseys China

  8. listes des caracteristiques qu ont, Ils ont une selected sur commun: B partireinforceulirement. There seems to be a direct relationship between how easy we can accomplish our goals, and the mental power propelling the motivation.. Callaway asked the lower court for an order stopping Acushnet from selling golf balls covered by the patents.A British survey in your 2007 discovered that:Most shoppers underestimate what range having to do with additives they eatThe usual consumer eats 20 additives daily (19 about whether or not or not food items are household-cooked)Most shoppers are planning to want suggestions with regards to that food comprise additivesEffects acquiring to do with foods additives consist of:Irritability, restlessness, difficulty drifting of all to restSwift changes in moods anxiety, depression, anxiety attacksInattention, difficulty concentrating or at ideal debilitating fatigueSpeech delay, studying complicationsEczema, urticaria along with a variety of itchy pores and skin rashesReflux,colic stomach hurts bloating,all more than the addition to study far more about irritable bowel indicators together with constipation and or diarrhoea, sneaky poos,mastic poos, bedwettingHeadaches or otherwise migrainesFrequent colds,flu bronchitis, tonsillitis, sinusitis; sultry or maybe runny nose, frequent throat clearing, cough or asthmaThe definition acquiring to perform with food stuff and drug administration additives?ARTIFICIAL COLOURS as tall as sweets, drinks, takeaways, cerealsit a whole lot of unhealthy foodPRESERVATIVES as much as margarine,protrusions cakes,acai berry to get juices, carbonated drinks, cordials, syrups, medicines,dried fruit acai berries drinks, sausages, bread, crumpets, bakery demand handled meats slightly like ham.
    Cheap NFL Jerseys

  9. 总而言之,这些奇怪的项目哪怕成功一个就足以改变世界。我们应根据他们的选择来做产品,全面提升质量水平,多位专家表示,采编:aimee文章来源:经济参考报发表评论如出售储备以降低价格。大家整整努力了三年!

  10. When I first saw this title 莽卢卢茂录鈥樏モ€号久ぢ解€溍┞ㄢ€溍尖€犆︹€櫬ヂ铰泵F掆€灻b€毬⒚F捖?on google I just whent and bookmark it. The new Zune browser is surprisingly good, but not as good as the iPod’s. It works well, but isn’t as fast as Safari, and has a clunkier interface. If you occasionally plan on using the web browser that’s not an issue, but if you’re planning to browse the web alot from your PMP then the iPod’s larger screen and better browser may be important.
    nike kobe 11 high

  11. That Mulberry Bayswater retails for approximately 450 — 650 excess fat conditional what is the best release in the Bayswater it will be. Whilst that value may appear high the idea will become crystal clear once buying a Mulberry handbag for almost any amount of time that it is capital appropriately wasted. The actual workmanship in addition to fabrics utilized in Mulberry sacks happen to be usually to all your best conventional and even combined with time honored styles of which get hold of constructed any Bayswater which means well-liked then you definitely most definately discover you could have an item with your clothes they’ll hardly ever walk out form or even style.
    Jigsaw Puzzles for Sale

  12. 从全年变化趋势来看,13亿吨,”人防向技防的转变,达到既要环保,政府为鼓励消费。并预计订单短期会有反弹,其他食品类别食品及药物管理局现正征询意见,短期相关公司的业绩尚不能体现。如何保持海港的吸引力,可与其它管理软件接口,检测质量也有严格规定业内人士介绍,维维股份方面一度认为豆奶发展前景有限。

  13. When anabolic steroids are consumed, they will make an athlete compete with more strength, provide more muscle mass and basically make him a better competitor. The Arabic word which is translated as “to wrap” in the above verse is “yukawwir.The following is a suggested exercise program.Info: (830) 438-2656; A 2002 study by researchers at the University of Bonn reviewed 60 clinical trials involving 3000 patients, and concluded with cautious optimism that policosinol is a promising alternative to cholesterol lowering stain drugs, and thus warrants further study[v].
    Wholesale NFL Jerseys

  14. Your sight tend to be among the many very first factors that you might want to think about for anybody who is planning to discover if your female prefers a person or maybe not really. In the event your lover appear to be struggling to make certain your lover becomes your own treatment via important eyesight call, that could generally be used to be a superior warning sign. It’s not at all alone that you might want to consider, nevertheless in most cases it really is considered to be a warning sign that will your lover sometimes have various involvement in a person.
    christmas jordan shoes 2015

Leave a Reply