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September 2016 Archive

BC Housing Demand Remains Strong Despite Fewer Vancouver Home Sales

The BCREA released a new report today that shows 8,945 residential unit sales recorded by the MLS in August, (with a total sales volume of $5.1 billion) which is an increase of 1.5% from August of last year. 

"Strong housing demand across most regions of the province offset slowing home sales in Vancouver last month," said Cameron Muir, BCREA Chief Economist. "The newly introduced 15 per cent foreign buyer tax combined with the 3 per cent property transfer tax on homes over $2 million brought in earlier this year, slowed demand at the top end of the market in Vancouver last month."

Year to date sales volume incrased 39.1% to $61.6 billion compared to the same period in 2015.

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