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Vancouver Housing Is TURNING — Prices Down 15%+ in Parts of Metro Vancouver

2,410 views · Published 9 December 2016 · 8:47 · Indexed 22 October 2026

Channel: Mike Martins · 2016 · News & Politics

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YouTubers, Mike Martins here. I'm outside freezing in the snow, but I've got another important article for the Vancouver Housing Crisis collection.

First, I need to correct something from my previous video. Somebody sent me a video showing abandoned condos, and I originally believed it was current. Afterward, I discovered that the footage was actually from around 2007 or 2008. I apologize for that mistake.

But I'm still standing behind my broader warning about where I believe this housing market is heading.

Now we've got a new report published December 8, 2016 saying average house prices are down 15% or more in parts of Metro Vancouver, and the weakness appears to be spreading beyond Vancouver itself.

Earlier reports showed Vancouver houses selling hundreds of thousands of dollars below their original asking prices. Now we're hearing about substantial changes in places such as Surrey and Langley.

According to the information I'm discussing, some areas of the Fraser Valley are seeing prices approximately 15% lower, while Langley's average price was reportedly down approximately 19% in November compared with June.

That's significant.

We've gone from crazy bidding wars, where seemingly anything could sell, to sellers reducing prices, considering offers and even offering incentives.

The provincial government's 15% foreign-buyer tax came into effect August 2, and there are arguments about how much that has contributed to declining sales and softer prices. At the same time, mortgage rules are changing and borrowing costs are something I'm watching closely.

I'm also watching how far east this spreads.

Could Chilliwack be next? What about Kelowna and other B.C. markets that experienced substantial price increases?

My concern remains debt.

People borrowed enormous amounts of money believing their properties would continue increasing in value. What happens if prices start moving in the opposite direction while borrowing costs rise?

That's what I'm watching.

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