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Is a lack of foreign buyers to blame for plummeting home prices?

For CTV News

January real estate numbers show further softening of the Metro Vancouver real estate market, and nowhere is that effect more dramatic than on Vancouver’s West Side.

One realtor says a lack of foreign buyers is why homeowners who bought in the pricey part of the town a few years ago are now selling for huge losses.

“The West Side housing market…became very reliant of foreign capital flowing in,” said Andrew Hasman, the realtor for an owner who finally managed to sell their 1920s character home after more than a year on the market.

“All of those buyers have kind of hit the sidelines and without those buyers, prices can only go one way and that’s down.”

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The property in question was first listed for $2.7 million. It then dropped to $2.4 million and then $2.2 million.

Hasman said the home finally sold a couple of weeks ago for less than $2 million—$612,000 less than the owner paid for it 20 months ago.

A different home located nearby is currently listed at $2.5 million. In June 2016, it sold for $4 million.

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