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Vancouver Housing Lawsuits Begin — Is the Bubble Starting to Crack?

1,032 views · Published 22 September 2016 · 4:50 · Indexed 26 September 2026

Channel: Mike Martins · 2016 · News & Politics

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It’s September 2016 and I’m at Barnet Marine Park with my wife and family enjoying a beautiful afternoon, but I wanted to give everyone another update on what I’m seeing in the Vancouver housing market.

The Vancouver housing crisis continues, and now we're hearing about lawsuits involving real estate transactions, pre-sale condos and buyers affected by the changes taking place in the market.

Since the new foreign buyer tax was introduced in British Columbia in August, I've also personally noticed something changing around Vancouver: FOR SALE signs.

I've lived here for almost ten years, and today I saw something I don't remember seeing before—four properties for sale right beside each other.

Is this the beginning of a shift?

For years I've been talking about how disconnected Vancouver housing prices have become from what ordinary families earn and from what similar amounts of money can purchase elsewhere. We've compared Vancouver properties with homes in Florida, Arizona and other American markets, and the difference in what you get for your money can be incredible.

My wife and I have made our decision. We're going to continue saving.

Rather than spending $2 million on a Vancouver house simply because that's what the market is asking, we're prepared to wait. My prediction is that in another two or three years prices could come down substantially enough that we'll be in a much stronger position to buy.

Our goal is simple: buy a house free and clear and avoid being buried under a massive mortgage.

Obviously, nobody knows exactly what the housing market is going to do. I'm not a lawyer, and I'm not claiming to be an expert. I'm documenting what I'm seeing, what I'm reading and the decisions I'm making for my own family.

I especially want younger Canadian families following this housing series to think about the numbers for themselves.

Is Vancouver real estate still worth buying at these prices, or are buyers taking an enormous financial risk?

Let me know what you think below.

Mike Martins — Vancouver, September 2016

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