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Vancouver Homes Just Dropped Nearly $300,000?! CANADA NEEDS CHINESE MONEY NOW!

767 views · Published 11 September 2016 · 7:45 · Indexed 26 September 2026

Channel: Mike Martins · 2016 · News & Politics

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Hey guys, Mike Martins here with another Vancouver housing market update from September 2016.

For the last several videos I've been talking about declining sales and questioning how long Vancouver's extraordinary housing prices can continue. This time I'm holding an actual newspaper article discussing something even more important:

Prices.

The article reports that the average price of a detached home in Metro Vancouver fell sharply during August, dropping from roughly $1.76 million to around $1.47 million—a decline of about 16% in a single month.

I'm obviously being sarcastic in the video when I call the newspaper “conspiracy paper.” I've been getting hammered in the comments for talking about Vancouver housing, so I'm showing viewers that I'm not simply inventing the discussion surrounding the market slowdown.

The foreign-buyer tax has recently been introduced, sales have been trending downward and uncertainty has entered a market that previously seemed unstoppable.

The big question I'm asking is:

Is this just a temporary slowdown, or are we witnessing the beginning of a major Vancouver housing correction?

I also talk about the people around me—business owners and professionals who make decent incomes but still can't justify spending millions of dollars for an ordinary family home.

That's the distinction I keep making.

It isn't necessarily that people can't obtain financing. Some people simply look at the price and say, “I'm not paying that.”

I'm putting my prediction on record again: I believe prices have further to fall, and what we're witnessing could be only the beginning.

Am I right?

Am I completely wrong?

Time will tell.

This is Vancouver in September 2016, and I'm documenting the housing market as I'm seeing it.

Thanks for watching and don't forget to subscribe.

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