Vancouver Condo Real Estate Video Blog #143 - September 23, 2008
CMHC Says that 25% are going to be downsizing
Ian Watt video blogs about the how Richard Sam from CMHC spoke of how 25% are going to be downsizing in Vancouver in the next year. 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! It’s Ian Watt just heading back to Downtown Vancouver. We had a breakfast this morning about realtors and we had the speaker Richard Sam from CMHC. If you don't know which or what CMHC is. It's a Cleaning and Mortgage Housing Corporation. A government agency that follows real estate in Canada. Now interesting fact was he was saying that in Vancouver all the people there 5% of the people there thinking of buying and selling real estate right now. And out of those 5%. 31% are first time buyers 69% are secondary third time four time buyers. There are already in the market they already know whats going on to have the equity now the interesting thing was out of all those people out of that 69%. Those people there 25% are downsizing. Their empty nester's moving to more simple lifestyle. They have a big house and they moving to the more maintenance free lifestyle with a condo. That is a huge demographic of people so if people are thinking that there's an abundance of condos especially in the Downtown core. I don't think so check out all those numbers 25% are downsizing the next year that is a huge number. If you want more information go to cmhc.ca or you can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!