The Downtown Vancouver Condo Market is Down Over 20% for 2012
Ian Watt video blogs about how The Vancouver Condo Market is Down Over 20% for the first 2 quarters of 2012 compared to the amount of transaction year to date 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.
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Ian Watt: Hi good afternoon it’s Ian Watt in Downtown Vancouver. The stats are out for June. June 2012 was down 27% and it was the worst June as far as the activity is concerned in Greater Vancouver in ten years pretty fascinating and one thing that I always calculate is sales year to date. And in so far in 2012 we have had 1,242 sales. Last year in the Downtown core we had 1,545 sales so that alone year to date not just talking about June but year to date were over 30% down compared to 2011 it is definitely shifting into a balance/buyer’s market. Watch as all this prices start to be reduced just a little bit maybe we're gonna see a 5% correction in the market and it’s a great time to get out there and have a look because someone might be desperate, someone might be motivated, someone might be fearful about of all this news. Having said that I don’t think we're gonna see a 10% correction Vancouver is such a big city now it’s very sold after the rents are gonna keep it up plus the lifestyle as well and of course there’s not much land to build on anymore in Downtown Vancouver. My name is Ian Watt if you have any questions you can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!