RESIDENTIAL property prices in the city of Vancouver on Canada’s west coast have collapsed following the August 2 imposition of a 15 percent luxury real estate tax, falling by more than 20 percent in less than a month, according to several news reports.
The average home price in Vancouver, which was just over C$1.4 million in mid-July, tumbled 20.7 percent to C$1.1 million as of August 29, data from Canadian property monitor Zolo.ca showed. Over the past three months, prices have dropped a total of 24.5 from a high of C$1.5 million in April this year.
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