🇨🇦 Vancouver's HOUSING crisis is entering a VERY DANGEROUS phase Court-ordered property listings have climbed toward a 20-year high, with 946 recorded across Greater Vancouver and the Fraser Valley through September. But here's the alarming part. Only 38% have sold, compared with a typical annual rate of around 60%. David Lin points to properties losing enormous amounts of value, including examples of homes falling from roughly $2 million to $1 million in just two years. And behind the pressure is Canada's mortgage renewal system. Homeowners who locked in cheap financing during the pandemic are now confronting higher borrowing costs, sometimes on properties worth considerably less than they paid. That's when a housing correction becomes something far more serious: people who can no longer afford to hold their homes, entering a market where buyers are increasingly hard to find. Source: NYT / Writer: Oliver