Update on the Deepening Housing Bust in Vancouver, Canada



Posted by Ed 3 mths ago
Market for houses freezes up. House & condo prices drop. High end hit the hardest.

In the City of Vancouver, British Columbia, in March, sales of detached houses fell 14% from March 2018, to merely 117 houses, down 50% from March 2017 and down 74% from March 2016, to the lowest number of sales since 1985, as the market has frozen up. Buyers and sellers are too far apart, and both sides have lost interest in a meeting of the minds.

“It’s hard to imagine sales falling any further from here; what is more likely is that they continue to remain sluggish for a prolonged period of time but increase slightly as prices decline and buyers on the sidelines can be enticed back into the market with lower prices,” says Steve Saretsky, a Vancouver Realtor and author behind Vancity Condo Guide. His chart below shows detached house sales for every March going back to 1992:



Ed 3 mths ago

Ed 3 mths ago

Ed 3 mths ago
So... if a huge chunk of the market is corruption cash from China... and those buyers don't need the money ... so just dig in and don't sell... I guess we get a zombie market...

And as pointed out in the comments:

Real estate agents not getting paid, lawyers not getting paid, property transfer tax not getting paid, furniture stores not getting paid, spec builders not getting paid, architects not getting paid, municipal governments not getting paid, etc. … where will the money in the economy come from, foreign money has dried up, and bank’s aren’t lending much into existence.

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