Because residential real estate prices have only dropped further since last summer and real-time information about recent transactions in March 2019 have revealed sharper declines, especially in more expensive areas, there are predictions the uptick in foreclosures could gather pace.
With recent home sales in the Lower Mainland showing some dramatic price declines, there has been an uptick in foreclosures as owners are unable to make mortgage payments.
In the past decade, there have been few foreclosures because rising real estate values and low interest rates allowed owners to easily refinance or sell to get out of a bind.
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But as prices have turned, there has been a modest increase in the number of court-ordered residential real estate sales in Metro Vancouver and the Fraser Valley, starting late last year, according to several agents.
“Yes, there’s definitely more,” said Vancouver realtor Russ Macnab. “For the last three or four years, on average, there have been about 20 to 30 (court-ordered sale) properties listed at any time across Metro Vancouver and the Fraser Valley. There were lots of people looking at them and interested in them, but fewer of them (available) because prices were rising.”
“Now, it’s more like about 50 to 70 or 100,” said Macnab. “There’s not a boom of them, not all of them at once, but there’s more of a flow.”