October 6, 2016 / 4:16 PM / in 2 years

Vancouver housing already slowing prior to foreign buyer tax-CMHC

OTTAWA, Oct 6 (Reuters) - Vancouver’s housing market was already slowing prior to Canada’s August introduction of a foreign buyers tax, the federal housing agency said on Thursday, noting that home sales declined further after the tax hit, particularly for higher-priced homes.

The city was already seeing a slowing pace of sales, a shift towards more condominium sales, and a downward trend in average prices before the 15 percent tax was imposed, the Canada Mortgage and Housing Corp said in a report on the role of foreign buyers and foreign capital in Vancouver’s market. (Reporting by Andrea Hopkins)

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