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Ian Watt Personal Real Estate Corporation - Sotheby's International Realty Canada

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2009 A Year Of Condo Hype Fueled By Mortgage Rates & First Time Buyers

Vancouver Condo Real Estate Video Blog #473 - December 24, 2009

2009 A Year Of Condo Hype Fueled By Mortgage Rates & First Time Buyers

Ian Watt video blogs about the 2009 real estate year in Downtown Vancouver, which Ian Watt feels it was a year of extreme condo hype fueled by ultra low mortgage rates, amazing amounts of media coverage and prices which hit the bottom in the early parts of the year. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs.

Ian Watt: Hi Good Afternoon, It's Ian Watt in Downtown Vancouver. It has been a fantastic year and again were doing the year in review for 2009. But I wanna say how great it's been for Real Estate in the Downtown core there have been so much hype which has which has fueled a lot of purchases. We've had 3,200 purchases this year in the Downtown core and there's about ten days left so it's gonna probably thirty three hundred purchases. Now out of those thirty three hundred. Two thousand right see a little more than two thousand have been five hundred thousand dollars or less. Probably three to five hundred thousand dollar range and only 294 of those 3,000 sales have been over a million dollars. It goes to show you that we've had so much hype in Downtown Vancouver because of all this multiple offers were seeing with the three to four hundred thousand dollar range that we should be very cautious because we've had ultra low mortgage rates and the price is dip because of the recession going on in the world. But the thing is we have to remember that if you took out all those 500,000 dollar or less sales which makes up 66 percent of the whole market in Downtown core. It wasn't that great of the year and I think all the media and all the hype we've that seen has to bring up a fly gonna say - What's gonna happen next year? We have to be a little bit cautious about what's happening in 2010. If, think about it. If 66 percent of the market was gone out of what we did this year. What would the year have been like? So when you go in to 2010 think about this things. Think about what's gonna happen with the Olympics, think about what's going to happen with Mortgage rates and think about what's gonna happen as far as new listings are concerned. Are people going to bring out more listings next year? I don't know. It's gonna be a very interesting. Everything has been fueled this year on hype and everything has been fueled of interest rates. Think about that. My name is Ian Watt and let's have a great 2010 and if you have any questions. You can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!