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People Are WALKING AWAY From Vancouver Condos?! — Housing Crash Warning!

857 views · Published 9 December 2016 · 2:51 · Indexed 21 September 2026

Channel: Mike Martins · 2016 · News & Politics

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Good morning, YouTubers. I'm outside cleaning the snow off my car here in Vancouver, and I want to share another important update about what's happening in the housing market.

I'm going to leave a link below to a video that was sent to me because this connects directly with something I've been warning about for years.

What happens when somebody owes $300,000, $500,000 or considerably more on a property and eventually decides that the property isn't worth what they're paying for it?

At some point, some people simply stop paying.

The video I'm discussing shows what are being described as abandoned condos here in Vancouver. If this starts becoming a trend, I believe we're going to see the housing downturn develop in phases.

Phase One: People abandon properties or effectively give up the keys.

Phase Two: For-sale signs start appearing everywhere as more owners attempt to get out.

Phase Three: Foreclosures and bank sales begin appearing as lenders take possession of properties.

I've seen what a housing collapse can look like before.

When I spent time in South Florida around the 2007 period, I remember seeing lockboxes appearing on doors, foreclosure notices and properties sitting empty. That's one of the reasons I'm watching Vancouver so closely today.

Vancouver housing prices have simply gone too far for me.

I'm not paying $1.7 million for a detached house that I personally believe should be worth a fraction of that amount. People can compare Vancouver with Hong Kong or any other expensive international city, but that doesn't change my opinion about the underlying value of housing.

And here's my prediction:

I believe we're going to start seeing bank-owned properties and bank sales appearing within the next three months.

Remember this video.

I've seen this process before, and I believe I'm watching the phases beginning again.

Check out the video below and tell me what you think. Are you seeing abandoned properties, more listings, price reductions or signs of mortgage trouble in your area?

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