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

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The Bottom is Here for Vancouver Condo Pricing by IanWatt

Vancouver Condo Real Estate Video Blog #306 - April 29, 2009

The Bottom is Here for Vancouver Condo Pricing

Ian Watt video blogs about how the market for Vancouver Condos under $500,000 is starting to tighten up and multiple offers are back again. 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 morning! It's Ian Watt in Downtown Vancouver. What we have seen in the Downtown core is a lot of changes these days. What we've seen is that the prices have dropped. There have been significant increase in the amount of sales in Downtown and now we are starting to see multiple offers again. And that's why I"m telling you that I think for under 400,000 maybe under 500,000 we have seen the bottom for the condos in Downtown Vancouver. I don't think its gonna go any lower. Multiple offers things are selling. There's no inventory I called on 15 listings the other day. 9 had accepted offers 3 couldn't show and my tour consisted of 3 properties. Was kind of interesting. We haven't seen that in a long long while. So I'm predicting maybe that's a little bit bold and a little bit premature but I think we've seen the bottom for prices in Downtown, Vancouver. The over 500, maybe the 750 range and up, we still have a little bit of drop to do cause those properties just haven't started selling like the studios and one bedrooms. But mark my words we're just going into May right now and I think we've hit the bottom. My name is Ian Watt. You want to discuss pricing in the Downtown core. You can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!