The Vancouver housing market has eased since the introduction of a tax on foreign buyers but the decline continued trends that were already present.

“Foreign buyer activity is one of many factors impacting the Vancouver housing market,” noted Robyn Adamache, CMHC’s Principal Market Analyst for Vancouver.

Other factors noted by the Canada Mortgage and Housing Corp. include supply constraints for both housing and land; together with economic and demographic fundamentals driving demand.

“Sales and prices had already started to dip before the introduction of the Foreign Buyers Tax, so it basically underlined existing trends in the resale market,” added Adamache.

CMHC says that prior to the tax’s introduction there was already a slowing pace of sales, reduction in average prices, and a shift towards greater condo sales.

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