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One of the country’s largest real estate companies says government policies may finally be derailing the Vancouver housing market despite the fact the city is forecast to have the strongest local economy in 2017.

Royal LePage Real Estate Services is calling for an 8.5 per cent price correction this year despite a forecast from the Conference Board of Canada which says British Columbia will lead the pack among municipalities in economic growth because of the construction, finance, insurance and transportation sectors.

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“While efforts to address deteriorating affordability in Ontario and B.C.’s largest metropolitan areas are well-intentioned, too many new taxes and regulations, by too many levels of government, introduced within such a short timeline and with perceivably little research and consultation, have caused confusion and triggered drops in consumer confidence, risking the long-term health of Canada’s housing market,” said Soper, chief executive of Royal LePage.