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Toronto Seattle your NEXT ! - Vancouver Housing Hits an 8-Year LOW for New Listings

752 views · Published 6 April 2017 · 4:08 · Indexed 8 November 2026

Channel: Mike Martins · 2017 · News & Politics

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“This looks like the beginning of the end, people.”
— Mike Martins

Hey YouTubers, Mike Martins here with another Housing Crisis / Trends in the Housing Market update.
We’ve got some very interesting numbers coming out of Metro Vancouver in March 2017. According to the Real Estate Board figures discussed in this video, the number of new residential property listings has fallen to its lowest March level in eight years.
There were 4,762 new listings for detached homes, attached properties and apartments during March. New listings were reported down roughly 24%, while sales were down 30.8% compared with the record-breaking level recorded in March 2016.
But here’s where things get interesting.
Despite fewer sales and fewer properties hitting the market, the benchmark price across Metro Vancouver was still around $919,300, up approximately 1.4% from February. The sales-to-active-listings ratio was reported at 47.2%.
So what exactly is happening?
Only a year ago we were watching Vancouver properties attract multiple offers, bidding wars and buyers throwing enormous amounts of money over asking. Some properties became almost like auctions, with people competing aggressively to get into the market.
Now I'm asking: where did everybody go?
Are homeowners simply refusing to list because they don't want to accept lower prices? Are buyers backing away? Are investors moving their attention somewhere else? Or are we beginning to see the first stages of a much larger change in Vancouver real estate?
In this video I also discuss something I've been warning about throughout this series: capital and investor attention potentially moving east toward Toronto and south toward Seattle after Vancouver introduced its foreign-buyer tax.
I've already left Vancouver myself. Instead of spending enormous amounts of money trying to stay in the city, I moved approximately two hours away and bought a much larger property. That's something I've been documenting in my Living the Dream series.
The big question in March 2017 is no longer simply how high Vancouver prices can go.
What happens if the buyers don't come back?

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