Real-estate boards have reported about downward pressure on Metro Vancouver housing prices.
This is on account of a cooling real-estate market brought about by rising interest rates.
What’s not captured in these reports is what Vancouver realtor Marty Majerski describes in a note to the Straight as “some shocking stats”.
“There have been MASSIVE price drops from the peak of the market in the early part of this year, and they are simply not getting reported accurately by our real estate boa[r]d,” the REMAX Crest agent wrote.
Majerski has recorded a video showing “tangible examples of what is really happening out there”.
To illustrate how prices are dropping, Majerski uses a couple of examples: sold prices in the Gable townhouse complex in Coquitlam, and sales of single-family homes in the Clayton Heights neighbourhood of Surrey.
Here’s Majerski illustrating how the Metro Vancouver housing market is “coming off the peak”.