Speculators Mail in the Keys in Formerly Hot Areas of BC

I like the subtext in this quote from Mr. Ash. It doesn't count because it's speculators, not families. And/or unlike families, speculators know how to cut their losses.
Home foreclosures skyrocket in Kelowna

Elton Ash, the vice-president of Remax Realty in Western Canada, says most of the foreclosed properties are from people who were trying to flip homes during the hot market a few years back.

"People weren't able to achieve their goals in doing this and so they quit making payments," he said.

Also, credit where it is due, Jason Neumann had a blog post about this several days before.
Kelowna and Okanagan Foreclosure Property Sales For January 2012

There are currently 171 active foreclosures (as of February 10,2012) amongst the entire listing inventory (3,934 properties) for the Central Okanagan. There are currently 82 active foreclosures (as of February 10,2012) amongst the entire listing inventory (1,792 properties) for the North Okanagan.

Those are rates of 4.3 and 4.6%