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Vancouver housing market didn't just plunge ... it jumped off the roof of a tall building

POSTED BY: SIGNYM
UPDATED: Friday, August 19, 2016 20:16
VIEWED: 1056
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SIGNYM

Friday, August 19, 2016 8:16 PM

Vancouver Housing Market Implodes: Average Home Price Plunges 20% In 1 Month

Quote:
Three weeks ago, when we looked at the long-overdue sudden change in the Vancouver housing market, long a receptacle for Chinese hot and laundered money, we found that as a result of the implementation of the 15% property tax implemented by British Columbia (something we recommended over a month earlier), that the Vancouver housing bubble has burst.

http://www.zerohedge.com/news/2016-08-18/vancouver-housing-market-impl
odes-average-home-price-plunges-20-1-month-market-devas

This is specific to Vancouver, and a combination of the extremely large housing bubble caused by "hot" Chinese money being injected into the market, plus the very sharp pin of a 15% tax. The housing market - which rose out of reach of ordinary wealthy Canadians who were competing with stolen Chinese wealth - should now return to more normal prices.