Desperation Invades Vancouver Housing Bubble, as Hot Money Still Pumps up Toronto, Hype Overflows

wolfstreet.com / by Wolf Richter • Feb 5, 2017

In Toronto, “home ownership continues to be a great investment,” which is what they said about Vancouver a year ago.

So the bottom has fallen out of the Greater Vancouver housing market, a process that started after the crazy peak in July. According to the Real Estate Board of Greater Vancouver (REBGV), sales of homes of all types – detached, attached, and condos – plunged 40% in January compared to a year ago, with sales of condos dropping 25% and of attached properties 32%. Detached homes got hit the hardest: sales plummeted 58%.

There was no way to put a positive spin on it, not even for a real estate board. REBGV president Dan Morrison put it this way: “It’s a lukewarm start to the year compared to 2016.”

Even as sales collapsed from the record-breaking bubble-pace a year ago, the number of homes newly listed for sales in January rose 7% year-over-year to 4,140. And the total number of homes listed for sale rose 9% to 7,238.

The benchmark price – a theoretical price that the REBGV uses instead of the more typical median price – for detached homes has

Read more ... source: The Bitcoin Channel

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