Predictions for real estate values according the The Vancouver Sun Oct 24, 2008
According to the front page of The Vancouver Sun today in an article from Cenral 1 Credit Union, BC's housing market can expect a 15% decline in property values in 2009 and a further slide of 3% in 2010. According to the article, the largest losses will be in the multi-unit sector (read condos) which they believe will decline as much as 44% versus housing which is forecast to decline 18%.
What does this mean for Downtown Vancouver Condo Sellers?
It means that if you are waiting to see what happens in the next little while, you are gambling with your equity. If this article is correct, you stand to loose almost 1/2 of your condo's equity by waiting. It's time to face the facts, you have lost some equity already but nowhere near what you stand to loose by waiting! You still have an opportunity to sell now and salvage some value. Contact Shaun for specifics.
What should you do if you are thinking of selling?
If you are considering selling your condo, do yourself a favour and call me. Everybody has a different situation and my primary goal is to help each of you determine how best to maximize your investment. Let's talk about your individual scenario so you have all the information you need to make an informed decision.
To comment on this or other BLOG posts contact Shaun, Vancouver's most committed downtown luxury condo and Coal Harbour realtor.