Article content

Housing sales in the City of Vancouver slumped 24 per cent over the summer as buyers became wary of paying too much, according to a report from Sotheby’s International Realty Canada.

Sotheby’s, which studied the sale of all types of housing units valued at $1 million or more, said the slowdown extended broadly across all types of housing. And Sotheby’s said the slowdown is leading to lower prices.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or Buyers retreat from Metro Vancouver housing market over new taxes Back to video

There is “additional nervousness in the (B.C.) market,” said Sotheby’s CEO Brad Henderson, who blames the controversy over the provincial speculation tax.

“I think ‘fear of missing out’ has translated into the fear of paying too much if you’re a buyer, and the fear of selling too low if you’re a seller,” said Henderson.

In markets such as Montreal and Toronto, by contrast, sales of properties over $1 million rose or rebounded in July and August.

In Vancouver, sales of such properties dropped to 434 units in July and August, a 24 per cent drop from the same months in 2017, Sotheby’s said, based on Multiple Listing Service records.