Vancouver Condo Real Estate Video Blog #713 - April 9, 2012
Downtown Vancouver Condo Sales Down Almost 25% from Q1 2011
Ian Watt video blogs about the amount of activity is down over 23% as far as first quarter sales are concerned in Downtown, Yaletown, Gastown, the West End and Coal Harbour compared to the first quarter in 2011. 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. Please note that opinions, real estate practices, prices and data always changes over time, so please keep in mind the date when this video was published as the information could have become irrelevant over the past days, months and years. Copyright iWatt Media © All Rights Reserved 2012.
Ian Watt: Hi good afternoon it’s Ian Watt in Downtown Vancouver. Yes it’s April and April means the play-off are starting but it also means that we should do a review for January, February and March just to see what the market is in Downtown Vancouver. And as far as Downtown, Yaletown, Gastown, Coal Harbour and the West End are concerned are activity as far as condos sales is down dramatically 23 and a half percent. In 2011 January, February, March we had 808 sales and this year January, February, March we have 619 sales down 23 and a half percent. We used to have about seven to eleven sales a day now we have eight and a half sales a day. Big changes but the pricing as far as the condo sales is concern hasn’t changed all that much. Our listings counts are only out 5% not a big deal right there but it goes to show you that people are not really motivated to buy right now and it goes to show you that sellers are willing to drop their prices and they’re not motivated to sell right now so it’s a bit of stand off. Only time would tell whether this is gonna impact pricing if people become more motivated to buy or more motivated to sell but as far as things are concerned right now. It just means the activity is down eventually if this continues it’s going to impact prices and I can’t see it going up anytime soon I can’t see buyers becoming more motivated because mortgage rates are already super low and sellers don’t really wanna sell that much because if they bought in about last two years and they have to sell right now they gonna take a lost. So be very interesting to see what happens in the next quarter maybe it’s just a little bleep or maybe this is just the sign of the times in 2012 in Downtown Vancouver. 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!