Ian Watt video blogs about the average sale price of a Downtown Vancouver condo in March 2015 was $502,000, in March 2016 it was $648,000 and in March 2017 it was $720,000. If this crazy market continues at 20% per year that would make that March 2018 $861,000 and $1,030,000 in March 2019. This is not sustainable so how will increase the Vancouver prices stop? Plateau? Correction? Or Crash? Only time will tell.
Ian Watt: Hi good afternoon it’s Ian Watt in Downtown Vancouver. The March 2017 statistics are in and they are poof poof mind blowing I cannot believe them. Let’s back it up, the average sale price in March 2015 was $502,000 dollars for a Downtown Vancouver condo. Bring it forward to March 2016 and it’s $648,000 dollars in Downtown Vancouver and a lot of people thought you know that’s a bit of a jump but it will correct whatever. This year March 2017 is $720,000 dollars for the average sale price in Downtown Vancouver . It’s going up 40% in two years which means 20% per year and anyone who thinks it’s gonna keep going at this rate. It’s gonna have their brain check because you know what in one year from now that same one bedroom you could have got three years before for $502,000 in March 2018 mathematically that would be $861,000 dollars and two years from now it would be a million thirty. It’s got to stop. How it’s gonna stop I have no clue whether it’s gonna be the government, whether it’s gonna be mortgage rates or it’s gonna be Donald who knows what it’s gonna make it stop but something it’s going to keep it from going to 20% per year forever. It’s not possible to happen in Downtown Vancouver is it going to plato, it’s gonna correct or it’s gonna crush I have no idea but what I do know is 20% return on real estate per year consistently is impossible. My name is Ian Watt and if you have any questions you can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!