2016-10-05wsj.com

Sales were down 32.6% in September compared with the same month a year earlier, and fell 9.5% from August, according to the Real Estate Board of Greater Vancouver.

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The real estate board data on Tuesday also indicate that sales of detached homes fell at a faster rate in September than a year earlier when compared with other properties such as condominiums, which tend to be more affordable for entry-level buyers. "We're seeing more demand for condominiums and townhomes today than in the detached home market," real estate board president Dan Morrison said in a statement.

Despite the September decline in overall sales, prices for homes in the Vancouver area continued to rise. The average benchmark price for Vancouver-area homes was 931,900 Canadian dollars ($710,831) in September, up nearly 29% year-over-year, the real estate board said.

On Monday, the Canadian government announced additional steps to cool hot housing markets, including tighter mortgage insurance rules and a crackdown on exemptions from capital gains taxes for some properties.



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