Vancouver's home sales down 33 percent as Seattle looks more appealing
By Tom Tribath, Curbed Seattle
The Financial Post reports that September saw a 33 percent drop in home sales from last year. Since April, there has been a 10 percent to 15 percent price correction. The key culprit is the 15 percent foreign buyer tax imposed by the mayor in July. Evidently, money outside Canada was bubbling Vancouver's market to the point that houses were appreciating at a thousand dollars a day.
One measure of the bubble is that, even with a 10 percent to 15 percent reduction, year-to-year housing prices are still up 29 percent. Now that foreign buyers are being discouraged, Canadian buyers and sellers are waiting to see what will happen, further slowing the market.
But enough about north of the border. What about us down here in and around Seattle?
So far, most of the reports are anecdotal. That's where the news starts. As we reported in September, searches from China about Seattle real estate were up over 140%. Understandably, real estate agencies are preparing and engaging in that market. Agents on the Eastside shared stories about an influx. It's probably not just happening in Bellevue.