Downtown Vancouver Sellers Are Taking HUGE Losses: What's Happening?

Downtown Vancouver sellers are facing a crisis.

Once thought to be the next biggest and most desirable downtown in the world, the sentiment surrounding Vancouver's city centre has changed drastically.

In this week's video, we look at the current state of luxury condos in downtown Vancouver, why sellers are facing such significant losses, and what the future holds for real estate prices in downtown.

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I am a real estate agent in Vancouver BC, licensed with Oakwyn Realty Ltd., and am currently working with new clients in Vancouver, Burnaby, New Westminster, Surrey, and other areas of the Lower Mainland of BC. Send me a message if you are looking to move to the area, I've lived in the Vancouver area for over 35 years and know all the ins and outs of the local market!

Please Note: The views and thoughts expressed in this video are my own thoughts & opinions, and this video is designed to be educational and insightful in nature. As every person's real estate journey is different, I recommend you connect with your real estate agent and/or mortgage broker of choice to get more specific real estate advice based on your personal situation and goals.

[harveythompson]

It's a mystery why nobody wants to buy an insanely high priced unaffordable shoddily built dog crate storage locker condo in Vancouver?

[vizmatter]

The issue has never been about a shortage of housing in Vancouver, it's about AFFORDABLE housing, always has been. Not feeling sympathetic to the developers or the foreign investors. This was fuelled by greed not need.

[FranklinNewhart]

It is about time that Vancouver faced a real estate phlop. It has been over inflated for far to long.

[Gromitdog]

A lot of these condos require expensive maintenance that increases significantly in cost as these buildings age. Unit cost is one thing, special assessments are another.

[mikemann]

People are happy when they get a 2 million property for 1 million but then realize it's only worth half a million in reality

[toddarmstrong]

Happy that speculators are losing their money.

[WMcSnickets-xwom]

This is what happens when you allow drug dealers to launder hundreds of billions of dollars in real estate. Read the RCMP reports. Now most of the drug dealers are gone and houses cost $3, 000, 000. Good job government.

[tedlee]

I bought a condo presale 2007 completed 2009 waterfront on the false creek side downtown and I’m still having problems selling it after a year on The market and I’m selling it at pretty much the price I got it for in 2007. No one is even looking at anything above 1.5m in downtown. Forget sales. No one’s even looking at it.

[zeezeeparker]

Hasan people are hard on you. I always find your info very interesting & helpful & look foward to your upcoming videos. Keep up the great work!

[berry]

GOOD - thats what you get when you're greedy
lets hope the prices in the suburbs drop soon 50%

[niemi]

The only people hurt are the ones that see real estate as an investment vehicle rather than just as a place to live. If local workers can't afford to live where they work, then what are you going to do for the services you are unable to perform for yourself? Not a lot of long term thought here.

[canadianrepublican]

It's amazing how quickly the money pool dries up when the interest rate paid on bonds goes up. While the BOC will lower rates, which incentivizes borrowing, the reality is, investors are buying US bonds that pay 4.5%. Real Estate is so much more risky of an asset.

[raredreamfootage]

FYI: I avoid going to downtown Vancouver like the plague. The traffic is horrible, parking is expensive and there are homeless crazies every where waiting to stab you. There is no advantage visiting downtown than to say Burnaby, Langley or Richmond which don't have the same disadvantages of downtown Vancouver.

[lilliansongs-wd]

Alot of people from the demographic ready to pay for higher priced condos, are moving, and leaving Canada...high taxes part of it, but business potentials in many areas diminishing.

[olgatempel]

developer is just a nice word for speculator

[robertjones-ivwq]

I've seen this rodeo 2-3 times before. The first one left cities with gaping holes in the ground for more than a decade. Every Trust Company went broke & were merged into the Banks, and half the banks vanished. Then it got much worse.

[vl]

I've immigrated to Canada in 70s and I've done business all over the world. I've been to Shanghai more time than I can count. Anybody that bullshxt you about Vancouver being another Shanghai was LYING to you. There are multiple reasons that Vancouver will never be a Shanghai But 1 glaring one. Shanghai has huge number of major manufacturing companies with access to of millions of workers from the countryside .... Just nuts if anyone believes being Shanghai

[archie_bunker]

get back to selling affodable homes. you realtors will find out the hard way when no one can afford this inflated housing bs.

[xrotor]

The amount of money people are losing is more closely related greed than "market scope"

[maqywhaq]

You mentioned the “foreign” market, but a big factor for said market is that many in said market were over leveraged in their local real estate investments that had been crashing over the last 5-7 years. Their home market crashed, drying up their pocketbooks for foreign investments as well…