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Vancouver foreclosure spike hits CIBC

CIBC has initiated 15 foreclosure proceedings in Vancouver as of February 26, according to court records. In contrast, the number was nine in 2019 and just two in 2018 for the first 57 days of the year. There has been no significant change in mortgage balances in the Vancouver area as reported by the bank. […]

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Mortgage fraud amplified foreign money, court case reveals

Vancouver’s runaway housing prices have long been blamed on foreign money. But a recently concluded BC supreme case reveals that the impact of foreign money has been amplified by mortgage fraud. Meet wealthy businessman Jian Guo Wang who moved to Canada from China with his wife Fei Fei Wu to give their daughter Yi Meng […]

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Westside home sells for 54% below asking price in foreclosure sale

A Vancouver Westside home has sold for 54% below its original 2016 asking price as part of a foreclosure sale by a subprime mortgage lender. Sales records show that 2075 West 19th Avenue was put up for sale in July 2016 for $8,288,888. After being on the market for more than three years, and plenty […]

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Metro Vancouver condo prices sink in February

Metro Vancouver condo prices retreated in February 2020 as prospective buyers appear to get spooked by the looming condo insurance crisis. The Open House House Price Index for condo properties – calculated using the generally-accepted and transparent repeat sales or Case-Shiller method – fell 6.10% year-over-year, the February mid-month update shows. Here’s what condo sales […]

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Metro Vancouver detached prices dip in February

Metro Vancouver detached market continued to slide in 2020, with February prices dipping as buyers return to the sidelines amid global economic uncertainty. The Open House House Price Index for detached properties – calculated using the generally-accepted and transparent repeat sales or Case-Shiller method – fell 3.74% year-over-year, the February mid-month update shows. Here’s what […]

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Vancouver condo developer facing foreclosure

A Vancouver condominium developer is facing foreclosure over a nearly $23 million loan borrowed at a whopping 18% interest rate, according to court documents. The lender Robert Lee Ltd is suing Buffalo Properties Inc., Buffalo Megan Holding Ltd., Buffalo Investment (Canada) Ltd., and the guarantors Chaing Xia Lv and Wang Ji Yao over alleged nonpayment […]

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Vancouver detached house sells for 29% below 2020 assessment

A Vancouver single family detached property assessed at over a million dollars sold last week for 29% below 2020 assessment, fetching just $738,000. The property at 703 Heatley Avenue, was listed in February 2018 as being a “Prime Strathcona corner lot across from Mclean park with building plans ready to go!” The property, originally listed […]

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Metro Vancouver townhouse prices dip in January

Metro Vancouver townhouse market began the new year with prices retreating in January 2020 as increased activity witnessed in fall 2019 failed to boost buyer confidence. The Open House House Price Index for townhouse properties – calculated using the generally-accepted and transparent repeat sales or Case-Shiller method – fell 1.59% year-over-year, the January preliminary month-end […]

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Metro Vancouver condo prices slump in January

Metro Vancouver condo market began the new year with prices falling in January 2020 as increased sales turned out to be bargain hunters picking up deals. The Open House House Price Index for condo properties – calculated using the generally-accepted and transparent repeat sales or Case-Shiller method – fell 7.28% year-over-year, the January preliminary month-end […]

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Metro Vancouver detached prices down in January

Metro Vancouver detached market began the new year with prices sliding in January 2020 as increased market activity witnessed in fall 2019 failed to bolster buyer confidence. The Open House House Price Index for detached properties – calculated using the generally-accepted and transparent repeat sales or Case-Shiller method – fell 2.60% year-over-year, the January preliminary […]

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