Vancouver Condo Real Estate Video Blog #616 - October 29, 2010
Vancouver Prices Are So Inflated (but Quite Justified Compared to Winnipeg)
Ian
Watt video blogs about how a potential client had email him inquiring
about the "inflated prices in overhyped Vancouver" and whether I thought
they would ever come down to more realistic levels. If you 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 in Downtown Vancouver. I had an email yesterday from a perspective client that says: my husband and I have been looking for a home in Vancouver for a while but the prices are so inflated and Vancouver is so over hyped. Do you ever think that the prices are gonna go down to a reasonable level? Well I don't know what the prices are going to do. I, my personal feeling and it just a feeling is that we're gonna stay at this level for awhile unless the interest rates or the mortgage rates shoot up. I don't think if the prices will change too much. Maybe 5%, maybe 10% and if the mortgage rates is go up who knows? Who knows? But the reality is if the mortgage rates go up our gonna pay more in the end anyways. But the way I looked at it is that Vancouver is not over hyped. Because if you look at the average sale price in Winnipeg say $250,000 dollars it could have change a little bit here and there since I checked last. But if you've ever been to Winnipeg, you will realize Vancouver is ten times better. Our average price should be $2.5 million dollars for an average house in Vancouver. But it's not, it's about a million dollars for an average house in Vancouver. So I think if mathematically speaking. Yes, Vancouver prices are pretty accurate or even under value compared to Winnipeg. But in reality prices are expensive in Vancouver it's a very sought after area. BC stands for bring cash so make sure if your going to move to Vancouver be prepared for a million dollar price tag on your typical house. I don't know where the prices are going, I don't think they're gonna shoot up at all in the next four years. I could be wrong I've been wrong before but I don't think that they're gonna drop 30% back to prices of fifteen in twenty years ago. I just don't see it happening they seem to be holding their own price levels right now maybe we'll see a little bit of a correction five percent but it's not gonna change your impact, your by ability that's for sure. 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!