Were one predicting an impending bubble-break, foreclosures is one area to keep an eye on. Are the number of listings here excessive given the total population of homes for sale? I think not. However, that could change, and I will be updating this list periodically going forward. For now, in my opinion, 19 single family homes on this list does not constitute a source of concern as a percentage of the total number of market listings in the areas presented. Put down your calculators, it works out to less than .8% of the 2377 homes for sale in the 3 areas. As a "feeler", I checked out Court Ordered Sales up at Whistler for SFDs as well, having spent a great weekend up there.... just to see... and there was only one long-time listing.
Finally, I ran the entire seach for the same areas but for attached properties, which includes townhouses, condos etc... there were only 37 Court Ordered Sale listings from out of the 4,407 total listings...or, .83% of the total. Again, nothing more to get excited about unless you are shopping. I also ran a check on Whistler attached properties.... just to see. Interesting that the foreclosure rate is just about double that of the above areas. 5 out of 307 or, 1.61% are subject to Court Ordered Sale. That said, from a shopping standpoint, there is really nothing to get excited about up at Whistler either. The big difference aside from likely being secondary homes, is that the seller's interest is not often the full 100% interest and further, the maintenance fees on a a condo unit often work out to about 85% of a typical mortgage payment with a 30% down payment.
Given the high monthly cost of ownership and the unusual ownership interests which present up at Whistler, those numbers would be worth watching as those living over their heads will most likely be trying to unload their recreational properties first.
|Single Family Foreclosure listings in Richmond|
|Selling Area||Original Price||List Price||Decrease %||BR||Bth||Sq Ft||Yr Blt|
|Single Family Foreclosure listings in Vancouver and North Vancouver|
|SW Marine DR||1,588,000||1,518,000||4||3||2||2,463||1954|