Vancouver Condo Real Estate Video Blog #705 - February 13, 2012
RBC says 2012 Will Be The Biggest Year for Mortgage Renewals in Downtown Vancouver
Ian Watt video blogs about how RBC claims that 2012 will be the biggest year for mortgage renewals which makes sense as most of Downtown Vancouver was built in 2007. The question is will most investors choose to sell their condos or lock in to another 5 year contract? 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 http://www.Chapter12.ca/ .
Ian Watt: Hi good afternoon it’s Ian Watt in Downtown Vancouver. Interesting week I sat down with some big guys that RBC what they said in the history of RBC the Royal Bank of Canada they’ve never been so many mortgage renewals coming about as we have seen or we’re going to see in 2012 for Downtown Vancouver condos. It’s quite interesting and if you think back to the way Downtown Vancouver developed about 2007 on five year terms it would make sense that everything’s coming about right now. However what’s gonna happen because a lot of the places are about fifty fifty. A lot of the buildings I completed in 2007 or about 50% owner occupied 50% investor. So what’s gonna happen is a lot of people are getting have to decide. Sometime this year or we going to commit to another fiver year term or is it time to sell because a lot of the properties are negative casual they’re not making money as far as rentals are concerned. So what a lot of people are gonna do they gonna think. May is time to sell and we might see a flooding of condos that were built around the 2007 era so if that is true and we see a lot more of listings chances are there’s gonna be some downward pressure on pricing and its going to a fact how the market is in Downtown Vancouver. However a lot of people saying no I’m convinced that Downtown Vancouver holding on a property for another five years is the route I wanna go maybe things won’t change but if a lot of people put their place on the market were definitely see pricing change 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!