Vancouver Housing Plunge

Stockolio

Stockolio

https://www.theglobeandmail.com/bus...houses-sold-in-vancouver-plunges-33-per-cent/

The scary part is the high amount of Households who tapped into there Housing Equity to finance a luxury lifestyle, soon to be equity negative or used equity to leverage multiple properties, speculators usually use minimal equity, which means they likely will ow upon selling the speculated properties.

The average price of detached houses sold in Vancouver has plunged more than $1-million over a 16-month period, a 33-per-cent decline as the downturn in real estate deepens, newly released statistics show.

Within the City of Vancouver, the price for detached properties averaged $2,070,030 last month for sales on the multiple listing service, down sharply from $3,080,563 in October, 2017, according to an analysis by Steve Saretsky, a real estate agent who also writes a housing newsletter. The last month that Vancouver’s average detached price dipped below $2.1-million was in February, 2015.
 
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Stockolio said:
https://www.theglobeandmail.com/bus...houses-sold-in-vancouver-plunges-33-per-cent/

The scary part is the high amount of Households who tapped into there Housing Equity to finance a luxury lifestyle, soon to be equity negative or used equity to leverage multiple properties, speculators usually use minimal equity, which means they likely will ow upon selling the speculated properties.

The average price of detached houses sold in Vancouver has plunged more than $1-million over a 16-month period, a 33-per-cent decline as the downturn in real estate deepens, newly released statistics show.

Within the City of Vancouver, the price for detached properties averaged $2,070,030 last month for sales on the multiple listing service, down sharply from $3,080,563 in October, 2017, according to an analysis by Steve Saretsky, a real estate agent who also writes a housing newsletter. The last month that Vancouver’s average detached price dipped below $2.1-million was in February, 2015.
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Sounds like the Chinese are leaving Vancouver.
 
Not Really, Vancouver is heaven for Chinese...There has been some fire sales, especially in City of Richmond which is mostly Chinese, one Chinese speculator took something like a 900k haircut in a Van House just to dump it. China's Economy is just getting obliterated with defaults and companies shutting down, Australia and Vancouver are definitely feeling it!
 
El_Cubano said:
Its still not going down fast enough for your average person to be able to afford anything not out in the boonies. I dont ever see myself buying in Vancouver
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Haha, Burnaby went up like crazy too... Surrey is not crazy expensive but it's filled with heads. I live in Van and rent, with the Minsky moment China is gonna witness causing Global Recession, I see prices dropping another 40-50 % down the road in Vancouver, obliterating people's savings who had it tied in Home Equity, gonna be a weird thing to see.

https://business.financialpost.com/...aying-only-the-interest-on-their-loans-survey

Over the past 15 years, home equity lines of credit have been the largest contributor to Canadian non-mortgage household debt. Tuesday’s report follows similar studies from the the country’s federal housing agency and the Bank of Canada that highlighted some of the risks associated with such loans.

The average HELOC holder at a federally regulated bank owes $65,000. The survey by the Ottawa-based consumer protection agency was designed to track how home equity lines of credit are being used, and how much consumers know about them.
 
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