Vancouver realtors blame politicians as detached home prices drop by $170,000
British Columbia's provincial government introduced a foreign buyers' tax in mid-2016, in response to rapidly growing house prices. It was bumped up to 20 per cent, from 15 per cent, last year.The region's market has also been hit by the federal mortgage stress test, which reduced the maximum amount a borrower can take out on a mortgage by about 20 per cent, as well as by rising mortgage rates over the past year-and-a-half.
"That demand is ultimately satisfied down the line because shelter needs don't go away. Using public policy to delay local demand in the housing market just feeds disruptive cycles that have been so well-documented in our region."
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