Look Who it Was Random video

Chinese are fleeing Vancouver ! - Home Sales PLUNGE 38.8%! — Mass Exodus of Canadians Ahead!

1,189 views · Published 4 November 2016 · 7:00 · Indexed 8 November 2026

Channel: Mike Martins · 2016 · News & Politics

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In this video I’m looking at a report showing that Greater Vancouver home sales fell 38.8% in October compared with October 2015, dropping from 3,646 transactions to 2,233.

That is a massive change in activity, and detached houses appear to be taking the biggest hit.

For years we’ve watched Vancouver housing prices climb further and further away from what ordinary working people can afford. Now we're dealing with several major changes at once: British Columbia's new 15% foreign-buyer property transfer tax, changes to federal mortgage qualification rules, and buyers apparently stepping back to see where the market goes next.

The benchmark residential price being reported is still around $919,000, and prices remain substantially higher than a year ago. So this doesn't automatically mean Vancouver houses suddenly became affordable. But declining sales could be an important early signal.

One thing that really catches my attention is the detached market.

If fewer buyers are competing for detached houses, could somebody currently living in a condo or townhouse eventually have a better opportunity to move into a detached home? Could the days of listing a house Monday and watching multiple buyers fight over it by Tuesday finally be changing?

And then there is the bigger affordability question.

We're being told single-family homes are essentially becoming something reserved for wealthy people. Is that really the future Canadians should accept? Should an ordinary working family earning an ordinary Canadian income have to abandon Vancouver just to have a realistic chance of owning a house?

I've been warning about Vancouver housing affordability for a long time, and I'm going to keep following these numbers as they come out.

Is this simply a temporary slowdown caused by government intervention—or are we watching the beginning of a much larger correction?

Comment below and tell me what you're seeing.

#housingaffordability  #canadahousingmarket  #canadianrealestate  #bcrealestate   #vancouver   #mikemartins  #MikeMartinsChannel

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