Vancouver Condo Real Estate Video Blog #730 - September 10, 2012
The Vancouver Condo Market Has to Go Down Another 10% to…
Ian Watt video blogs about how the Vancouver condo market has to go down another 10% in order for someone with a $300,000 condo to sell out and buy back in - just to break-even. 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. Because the market is dropped about 5% a lot of people are thinking that they’re gonna sell out and then buy back in at a lower price. In 30 it makes sense but think about this say you have a $300,000 dollars studio in Downtown Vancouver and you sell it for $300,000 dollars. You have about 15 to $20,000 dollars in incidentals with realtors fees, a lawyers fees etc., move out fees all those things. So now you’re down to 280. Of course when you buy back in say you buy at 270 but then again you have your property transfer tax to buy back in again. So just to break even at least the market has to go down to 10% on a $300,000 dollars condo just to break even in the meantime you got a rent and oh I totally forgot you might have some mortgage penalties for breaking your mortgage as well that’s could be 2 to 5 to $10,000 dollars. So keep those things in mind. My point is we’ve seen the market go down about 5% in Downtown Vancouver as far as pricing is concern. If you’re thinking of selling do the math because as far as a $300,000 dollars studio is concerned it would have go down 10% for you to break even not factoring in you have to live somewhere in the meantime. My name is Ian Watt and if you have any questions you can always email me at firstname.lastname@example.org. Thank you very much and have a great day!