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

Blog by Ian Watt

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Is the Vancouver Condo Market Starting to Soften?

Vancouver Condo Real Estate Video Blog #679 - July 21, 2011

 

Is the Vancouver Condo Market Starting to Soften?

 

Ian Watt video blogs about how there have been 1121 Cancellations and Terminations so far this year in Yaletown, Downtown, Gastown, West End and Coal Harbour, which means sellers are just not achieving their prices and are either cancelling and relishing at a new price or waiting until the market conditions change. 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. Please note that opinions, real estate practices, prices and data always changes over time, so please keep in mind the date when this video was published as the information could have become irrelevant over the past days, months and years. Copyright iWatt Media © All Rights Reserved 2011 www.iWatt.ca .

 
 

Ian Watt: Hi good afternoon it's Ian Watt in Downtown Vancouver. If anybody is telling you that Downtown Vancouver is hot as far as real estate is concern they're blowing smoke. It is soft and it may become a little softer. Here's a few things sales are happening everyday there's probably there's 20 new listings that come out everyday and 10 new sales. Right now presently and what we are at I believe it's July 17th or 18th today. Anyways what we have so far year to date is 1,228 active listings presently on the market and 1,569 sales. But what's telling me it's getting soft is how many expired, terminated and canceled protected we've had this year. Think about this, if we've had fifteen hundred sales. How many do you think well the fact is 1,121 cancellations, terminations, cancel protections that is a lot and were only six months in to the year. It's crazy that's telling me that people are getting their prices so they're terminating them. Maybe even re-listing them at the different price. But if you think about it that's 72% of sales are terminated. And that's 91% of listings are terminated. That tells me the market is not very hot in Downtown Vancouver and it's definitely softening quite a bit. I don't know what the future brings but that's what I'm telling is happening today. My name is Ian Watt. If you have any questions you can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!