Vancouver House Sales Plummet as Foreign Capital Dries Up

Detached sales continue to get hit hard in the most expensive areas that are highly dependant on foreign capital.
Vancouver West detached sales down 72% year over year.
West Vancouver detached sales down 74% year over year.
Richmond detached sales down 66% year over year.
Inventory levels continue to rise as listings back up due to lack of sales. The sales to actives ratio (a measure of demand) remains very low and suggests the correction will continue.
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[@matthewbaker5084]

thx for update. good news.

[@ringala123]

Hi Steve, Can you please enlighten on detached homes in Surrey / Fraser Valley also. Thanks for the honest videos by the way !!

[@charlesponzi1718]

Buy low and sell high. Astute and savvy property speculators are selling now.

[@BassBwoy3]

@ 9:32 - How does the detached market have too much inventory? I though the vacancy rate months ago was hovering around 1%? These prices really need to come down and I'm kinda glad this is happening. It's been unaffordable getting a house out here for too long.

[@davidthemattressguy]

I am a Canadian living in and selling in a sellers market in Atlanta Georgia and moving to Chilliwack. This news that the market is headed for a correction or perhaps a crash is good news for me personally. But, do you really think the government is going to let this happen with the election in May? Do you think they'll remove the foreign buyers tax altogether? Of course it's easy for me to be excited but home owning voters that are counting on their home value for retirement are going to be looking to the government to stop this. Thanks for posting so many educational videos.

[@rw9036]

If government could control housing bubbles at will, there would never be any. Once a correction begins, generally they have to run their course.

[@sithdemon5965]

I have spent hours searching for why Vancouver is so crazy with Real Estate. I finally found Steve speaking the truth. Why are these facts not reported?

[@smspup987]

Are sales numbers really reliable? have house prices always corrected after significant fall in sales?

[@Randy-fg9wj]

what are your thoughts on the Victoria market. thanks.

[@WinterPiz]

This may not be good news for realtors or those looking to enter the market. However a price correction will benefit Vancouver real estate in the long run as it will drop prospective indebtedness and allow more average income households to better afford picking up a mortgage.

[@ringala123]

Thank you for the reply Steve. Mark Cahodes made a statement that Vancouver market is gonna go down 50-80% and I think he was talking about the price point and not sales (kzbin.info/www/bejne/sIq5f6OQi8add6s).What is your take on this, basically buyers should wait to buy in Surrey/Fraser Valley areas for inventory to pile up and price to go down more or just get into the market now. Just your opinion, will not quote on it :)Just to let you know your way of explaining economics makes it very easy for a layman to understand, keep up the great work ...