Many want to know how the market has changes, especially after the introduction of the foreign buyer tax. With data from the Real Estate Board of Greater Vancouver, I’ve designed these two infographics to compare real estate prices from May 2016 with September 2016 and was quite shocked by what I found. New changes, including the foreign buyer tax, may have thrown a proverbial branch into the wheels, but perhaps not as much as we would have thought. Although sales seem to be lower, the prices haven’t come down as much as Vancouverites hoping to get into the market would have liked.
With the exception of Poco, where prices for a single detached family home fell by around $17k, and Burnaby North, which also saw a decrease of around $6-7k, all 8 other neighbourhoods increased.
The biggest increases in home prices from May to September are as follows:
- Van West: Up by $182,000
- Van East: Up by $80,600
- North Van: Up by $55,000
- GVA: Up by $65,000
(click to enlarge)