The CBC is looking for personal stories related to Vancouver’s softening real estate market:
What are you hearing about Vancouver’s softening real estate market? Do you know anyone facing foreclosure? Have you heard of any developments going into receivership?
Home resales are down while the number of new listing of homes for sale in Canada is headed up. This comes as CBC News learned that several Vancouver area building projects have come to a halt because of financial difficulties.
While its true that sales are down and listings are up, its not the first time thats happened here. It will take many more months to see if this is the start of our own local real estate crash or just a pothole in the road to infinite price increases. Whether we see an decline in the short term or not, a lack of affordability is clearly taking its toll in other areas : the Vancouver Police Department is reporting that the high cost of living is driving experienced police officers out of Vancouver.
Thanks to Michael and Jadeeast for the links.