VICTORIA – The Real Estate Board of Greater Vancouver’s (REBGV) analysis of October housing trends shows that moderated home prices in Metro Vancouver are giving British Columbians a better chance to buy a home.

REBGV President Ashley Smith says that “with prices edging down over the last year and interest rates remaining low, hopeful home buyers are becoming more active this fall.”

The report shows that last month’s sales were 9.8 per cent higher than the 10-year average for October.

REBGV’s 5-year price trend shows that housing prices stopped skyrocketing after the NDP government introduced the speculation and vacancy tax in Spring 2018.

This news follows a recent RBC report noting that B.C. is also making significant progress on making renting more affordable by delivering more rental supply: “strong apartment construction (both purpose-built rentals and condos) bodes well for achieving balance in Vancouver’s rental market within a couple of years.”

BC Liberal Leader Andrew Wilkinson has consistently opposed measures to reduce speculative housing demand and has promised to kill the speculation and vacancy tax if elected. This would reduce government revenue by $185 million, send prices back out of reach, and allow people to leave multiple homes vacant in Metro Vancouver.

BC NDP MLA Spencer Chandra Herbert:

“We’re tackling the housing crisis head on by fighting speculation and building thousands of new rentals. We’re starting to get results for people. But Andrew Wilkinson’s plan to cancel the speculation tax would cause prices to skyrocket again, hand $185 million to the richest in BC, and lead to cuts to our government’s new investments in housing. On housing, it’s clear that Andrew Wilkinson will side with speculators and the top 1% and make everyone else pay the price.”