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Ian Watt's prediction of the condo market in Downtown Vancouver

Blog by Ian Watt | September 12th, 2008

Vancouver Condo Real Estate Video Blog #136 - September 12, 2008

Ian Watt's prediction of the condo market in Downtown Vancouver

Ian Watt video blogs about the Vancouver Real Estate Market and how we will see a change of up to 10% on some properties. If 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.

Watt: Hi good afternoon! It’s Ian Watt to Downtown Vancouver.Just dropping off package here and on my way to a meeting who's some people just down the block. Now one things that really really interesting is that we see in the news paper all this articles about the prices changing in Downtown Vancouver or Greater Vancouver as far as real estate is concerned and yes the price have been changing and all of this writers have been waiting for six years and they probably had this article written in six years ago just hoping or knowing that one day the prices will change. And you know what they probably just filling the blanks on how many percentage that they actually going to go down as far as the condos and the houses in Vancouver. Now one thing about condos and houses in Vancouver is that there is a little bit of the abundance right now and my prediction is from the top price that we saw the last year or about a year and a half ago. The top prices there is I think were seeing a five to ten percent correction that's what I believe that were going to see. Obviously the luxury from the properties might hold strong the luxury properties are not affected. However, some of the generic properties yes they gonna go five to ten percent correction that's my prediction. And that were I see is going, now as much as Downtown is concern were gonna see the properties dried up a little bit and then were going to see market tighten up. But now I don't think were gonna see a 10% jump up back to those level we saw in a year and a half ago. My name is Ian Watt. You can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!