Vancouver Condo Real Estate Video Blog #732 - September 24, 2012
It Was More Than Mortgages That Brought Down Vancouver Real Estate
Ian Watt video blogs about how it was It Was More Than Mortgages That Brought Down Vancouver Real Estate and there are other factors such as being over priced, the fact that Vancouver is not immuned to the realities of the rest of the world economic issues and super low rental rates too. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to email@example.com 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 2012.
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Ian Watt: Hi good afternoon it’s Ian Watt in Downtown Vancouver. Last week in the Vancouver Sun there really great article about the present situation of Greater Vancouver Real Estate and of course everything is down. One thing I thought was very fascinating was how Cameron Muir the chief economist for the British Columbia Real Estate Association whose a very smart man had suggested that the tightening of amortization periods with regards to our mortgage from I believe it was 30 to 25 year contributed to the basically the slump in real estate. I’m sure it had some factor but the thing that really bugs me about this in typical realtor form nobody mentioned that the whole world has seen a reduction in real estate prices. Nobody has mentioned that Vancouver may have been 10% over price. Nobody had mentioned that in world class cities all around the world we have high prices and high rents and nobody has mentioned that in Vancouver the rents are there cheap yet the prices are super high. So of course amortization periods may contribute to the slump in Vancouver Real Estate. But one thing we should think about is that we may have been over price that start with and this correction maybe a healthy thing. Because the amortization period may have cut out first time buyers but not in Vancouver because not many first time buyers can buy a million dollar home from day one. My name is Ian Watt if you have any questions you can always email me at firstname.lastname@example.org. Thank you very much and have a great day!