Vancouver Condo Real Estate Video Blog #103 - July 27, 2008
The US Mortgage Crisis Shouldn't Make Canadians Worried
Ian Watt video blogs about being back in Canada after a short trip to San Francisco and the fact that the US Mortgage Crisis Doesn't Make Ian Watt Worried. 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.
Ian Watt: Hi good afternoon everybody! It's Ian Watt back in Downtown Vancouver. For the last few days I've been in San Francisco at the Inman Conference which is called Connect you can find more about that at inman.com. It's very interesting because there were about 2 or 3 Canadians down there. Canadian realtors and it was very interesting to find out in the American realtors on what's going on in the United States. It's a pretty interesting to find out exactly what this mortgage crisis means to people. Obviously we blogged about it before talking about 30 year 40 year mortgages for the guy and it's unbelievable what has happened down in the United States. I asked the shuttle driver from the airport about what it happen he explains there is about 12 or 14 of his friends that in the market in that market and only two of them have places anymore and they have all lost their money. It's amazing what it happen in the United States. They get rich quick scheme zero down interest only when the property goes up where gonna flip it for the profit scheme never worked and look where they are now. Now a lot of people like to compare Canada to United States and of course we have some spillages as far as media and the market has cooled off in Vancouver as well. However, we do not have a mortgage crisis in Canada, we do not have banks going bankrupt in Canada as we speak. We have a very solid foundation and I wouldn't be concern about what's going on in the Unites States. If you have any questions, you can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!