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Vancouver Home Sales Lowest in Nearly Two Years as Tax Bites

  • Transactions fell 26% to 2,489 in August from year earlier
  • Average prices for detached properties dropped 17% from July
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Vancouver home sales fell 26 percent in August from a year earlier and prices slid as the government’s moves to cool the market by taxing foreign buyers crimped demand.

Sales also dropped from July, down 23 percent to 2,489 transactions, according to a statement from the Real Estate Board of Greater Vancouver. The average price of a detached property declined 17 percent on the month, and 0.6 percent on the year, to C$1.47 million ($1.13 million) in August, the lowest price since September 2015.