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🔴DO you live in #CLAYTONHEIGHTS ⁉️
🔹There were just TWO Detached House Sales in all of Clayton Heights in October
🔹There were 38 Active Listings
🔹This means there was a 5% Sales Ratio which marks…
The SECOND LOWEST Sales Ratio in Clayton other than…. Wait for it… JANUARY 2009 😱😅😬
🔵There are a number of reasons for this including that the entire neighborhood is made up of homes that are in a price category that is currently not moving right now due to the high interest rates, namely the category of 1.5 million homes plus, which represents most of the current listings in the area.
🔵Additionally this is a community that is heavily based on investor owned properties, because of the unique circumstance where you have two story and basement sweet homes with a coach home above the garage, there are roughly 825 of these and roughly one quarter of them to 1/3 of them are owned by investors who rent out all three dwellings. Previously when interest rates were lower these homes would provide great cash flow, now the average property with a coach home is now negative $2,000 a month to $3,000 a month after expenses making them unaffordable to own for many and forcing the listings to Skyrocket while sales dwindle.
🔵I own two of these Investments myself and live in one of them for 8 years so I can definitely speak to the very negative cash flow at these homes generate now with the high interest rates so I personally know the pain people are feeling at every level including the poor attendance who have had their rent jacked up astronomical in the last few years.
🔵Hopefully this sheds some light on the situation which is not just occurring in Clayton Heights but across the Fraser Valley more broadly.
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