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August 2016

Found 2 blog entries for August 2016.

There is much controversy around the new tax on real estate purchased by foreign buyers in Metro Vancouver. There is widespread public support based on the notion that it will make real estate more accessible and affordable to middle class Vancouver residents. There is also much skepticism over the reality of it actually having any positive impact in that regard.

The implementation and imposition of the tax on existing sales agreements that had not yet completed has reportedly directly compromised more than 400 transactions where the purchasers are finding themselves now short of funds and unable to close. This in turn leads to a domino effect of those home sellers having already committed to new purchases also being unable to complete. We will most

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The trend of increased sales, fewer listing and record breaking sales continued in July 2016 for Greater Victoria with 972 sales in July, 22% more than the 796 sold in July 2015. The number of active listings also remains low with 2,161 active listings at the end of July 2016, down 45% from 3,942 at the end of July 2015. The ratio of sales to listings remains tipped in favour of sellers with just a 2.2 month supply!

The trend over the past year of fewer listings and increased sales continues to apply upward pressure on prices. The Home Price Index of single family homes in Victoria’s core increased 23.6% from $599,800 in July 2015 to $741,100 in July 2016.

It will take time to tell how our Victoria market may be affected by the new legislation

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