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Homes sales in the attached and apartment market return to average August levels.

September 2, 2016

Limited supply and high prices leave affordability unchanged in the majority of Greater Vancouver

Statistics released today from the Real Estate Board of Greater Vancouver show residential property sales in Metro Vancouver declined 26% in August compared to the same month one year ago, yet prices in attached and detached homes are still well above 2015 levels.

As UDI predicted, the largest drop in sales was for single family detached homes which decreased 44.6 per cent from the previous year. Attached home sales, which account 95% of the new home market, decreased by a modest 10 per cent. With prices still above August 2015 levels and limited supply, affordability remains unchanged for the majority of the region.

Demand for condos and townhomes is strong, and many areas remain under-supplied for this type of housing. Since the new tax was introduced, some condo projects were launched and units quickly sold with robust demand.  Bosa Properties pre-sold all one-bedroom units in their Cardero building in less than two-weeks from their recent launch.

The Urban Development Institute urged the provincial government to grandfather pre-sale contracts that were already in place prior to the announcement of the tax. Due to the government’s refusal to exempt exisiting contracts, many purchasers had to forfeit their deposits when they discovered they could not afford the new tax. There are still many pre-sale contracts subject to the tax on units still under construction.

Note: UDI President & CEO Anne McMullin, and UDI Chair Jon Stovell are available for interviews.

Media Contact: Communications Manager Gavin Duffus gduffus@udi.org or 604-661-3033

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