$3M-plus sales in Vancouver, Toronto down after government measures: Re/Max

TORONTO – New figures show that even luxury buyers are holding off in Toronto and Vancouver, watching and waiting after government measures aimed at cooling off the hot housing markets.
Re/Max figures show that between January and July this year sales of luxury properties with a price tag of $3 million or more slipped 40 per cent in Vancouver and 14 per cent in the GTA, compared to a year ago.
Re/Max director Christopher Alexander says would-be buyers are waiting to see what happens to the market after government measures such as a foreign buyers’ tax were introduced in both cities.
Sales of properties worth $1-million to $2-million in the Greater Toronto Area slipped 26 per cent compared to 2016.
Sales of Vancouver properties with that price tag during the same period dropped 10 per cent, according to new figures from RE/MAX.
Sales of slightly more expensive properties from January to July worth $2-million to $3-million also slipped in both cities, down 16 per cent in the Greater Toronto Area and 27 per cent in Vancouver.