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The inventory of homes listed for sale grew by about 14 per cent in January compared to December.
Royal Le Page recently forecasted an 8.5 per cent price correction in Greater Vancouver this year.
The number of foreign buyers fell from about 1,970 in the period ending Aug. In November, about 200 property transfers involved foreigners.
The board says the number of new listings for detached, attached and apartment properties also dropped by almost seven per cent last month compared with January 2016.