Bye Bye Coupar! Saretsky and the good people of Vancouver tried to warn you, but you didn't pivot out of the condo downtown market... Looks like the equity of many in Vancouver's and Toronto condo markets will be wiped out by next fall, condo's are being squeezed by insurance companies and insane yoy increase in condo fees. It won't be the end of the world, but get ready for the mother of all recessions to appear by next fall.
The downturn in the Chinese economy is creating a need for liquidity. Make no mistake, the Vancouver luxury market has been propped up by Chinese money for 20 years. I could see a lot of units in this class going on the market as Chinese money exits.
Come on Jay. The market sucks for condos right now. There's three in my building for sale. I own in my building. And my buildings is on the lower end market of downtown condos. Talked to the realtor about the place for sale across the hall. It ain't selling... Again my building ain't nothing special and nothing ain't moving. Now My friend who owns a house on the west side near UBC. He's sweating his $11,000 mortgage payment. He told me this himself . By the way, he's a realtor from Calgary. All Truth There ain't much Sunshine out there dude....
Absolutely. Downtown condos are slow especially some of the more luxury product. My point is that some of this social media is hyperbole. The market is not crashing. Were in a more balanced market. Some of the presale ultra lux product has definitely taken a hit but those prices got way ahead of themselves and were unrealistic. I documented this. Years ago I said paying $2800 for precon is insane and still is.
@@JayCoupar j the market has to come down. The space directly across the hall from me is about $100,000 overpriced. It's just going to be like a lost decade situation going forward for the next 6-7 years. Doesn't mean that life won't go on and there won't be lots of fun and hot girls. But maybe the prices will just be sticky for a number of years... I don't really 100% know... Like I said in the previous comment my Friend near UBC. He's sweating it. So they're going to be some bankruptcies. Right on man!
Many listings right now are significantly overpriced. Remember that sellers are under no obligation to sell - at any price. They can rent the unit out and rents have gone ballistic. That puts a floor under price drops. In terms of a lost decade…possible…but unlikely IMO.
This guy is so full of Ish What happened to price not coming down and everyone is wrong …… I remember you said “I know insiders” ..😂😂. This is just the beginning …
We will see. Prices have been increasing and are very close to peak pandemic prices. Luxury presale was overpriced to begin with so I think that has adjusted a bit.
@@JayCouparwait until you see what’s coming to market and completion for 2025 -2026 . Many projects / high rises … What you fail to understand is that condos were largely sold to investors not end users. Now that the flipping tax and capital gains took the legs out the market. Everyone has a condo to dump and investors have completely left the market. This will slam the absorption rate and lead to a sharp price decline. No one wants these 500 sq ft over priced POS . Especially not young families. What you are about to see mr. coupar may be the biggest melt down of Realestate in our life time. While realtors like yourself are still pushing the same BS talking points…. Glad you are finally starting to back pedal though 😂
