<<< back to article list

April Real Estate in Downtown Vancouver with Ian Watt

Blog by Ian Watt | May 7th, 2017

Ian Watt blogs about how buyer have lost their minds when it comes to buying Downtown Vancouver condos. The market has seen an average sale price jump 17.8% in one month. This is not sustainable so how will Vancouver price increases stop? Plateau? Correction? Or Crash? Only time will tell.

Ian Watt: Hi good afternoon it’s Ian Watt in Downtown Vancouver. It’s official, people in Downtown Vancouver have lost their minds when it comes to real estate. The March statistics blew me away $720,000 dollars was the average sale price in March. In April it’s $849,000 dollars is the average sale price this is crazy we’ve never seen this before and prices had jumped so much because people have gone caught up in the frenzy of buying a real estate and it’s not chinese people, it’s Canadians. For example a property I sold a couple of weeks ago with a fourth floor studio looking back at the back alley no of you whatsoever 420 square feet a list for 449 it sold for $462,500 dollars not in multiple offers someone just submitted it the day I submitted the listing, sight on scene, subject free here’s your offer here’s the deposit, sold that is how the market is people are just doing whatever because they are so caught up in a frenzy of buying that they offering any prices, record prices for things we’ve never seen before. Something you could have bought $600,000 dollars for a two or three years back on Marinaside is now selling from $900,000 dollars how is that possible? I think people need to take a step back take a breather you spending a 900 plus on a one bedroom on Marinaside with no water fewell. You’ve lost your mind. My name is Ian Watt and if you have any questions you can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!