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Vancouver housing market plunges further

Posted on 03 October 2012

The residential real estate market in Metro Vancouver continues to plunge, with home and apartment sales in September down 32 per cent from the same month last year, according to the Real Estate Board of Greater Vancouver.
The REBGV is also reporting an eight per cent decline from August. Eugen Klein, REBGV president, blames the drop on new government mortgage regulations. “There’s been a clear reduction in buyer demand in the three months since the federal government eliminated the availability of a 30-year amortization on government-insured mortgages,” Klein said in a release. “This makes homes less affordable for the people of the region.”……………………………………….Full Article: Source


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