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.
“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 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 because prices were rising.”
“Quite a number started popping up as people can no longer rely on gained equity to solve the problem ,” said Clayton.
Source: Real Estate Daily Report (realestatedailyreport.net)
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