Homeowners Could Be Suppressing New Listings In Vancouver & Toronto
There’s been much chatter about the apparent bursting of the Toronto real estate bubble. Home sales have plummeted 37%, meanwhile the average sales price has sunk by 14%. Sounds awfully familiar to the Vancouver real estate market after the shock of a foreign buyers tax, doesn’t it? In fact, you could argue things were even worse in Vancouver at one point. Back in January, sales in Vancouver had fallen 39% year over year, with the average sales price having plunged 24% from January 2016. Since then, Vancouver has rebounded nicely, mostly thanks to a purge of new listings. There’s been an extremely close relationship between sales and new listings in Vancouver. As sales plunged, sellers refused to sell in a falling market, slowing the bleeding. 
