Ian Watt, Realtor & Mathematician – “If you’ve ever been to Winnipeg, you realize that Vancouver is ten times better. Our average price should be 2.5 million dollars for an average house in Vancouver.”


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Ian Watt, a Vancouver condo realtor, seems like a genuinely good chap. His energy is infectious, and his self-posted videos are so often entertaining.
In a recent video [29 Oct 2010, fully transcribed below], however, he demonstrates questionable judgment (“Vancouver is ‘ten times’ better than Winnipeg”) and laughably outrageous logic (“…therefore Vancouver prices should be ’10 times’ those of Winnipeg”).
Ian also seems to have lost grasp of just how much Vancouver RE prices have risen (“I don’t think that they are going to drop 30% back to prices of 15, 20 years ago”). A 30% price drop won’t even take us back to 2005, let alone 1995 or 1990 (which would require drops of  about 60% and 80% respectively).
So many people seem to think that our market couldn’t possibly drop more than 10%. -vreaa
[Thanks to ‘westsidefrank’ for the transcription]
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Hi, Good afternoon, It ‘s Ian Watt in downtown Vancouver. I had an email yesterday from a prospective client that says my husband and I have been looking for a home in Vancouver for a while but the prices are so inflated and Vancouver is so overhyped, do you ever think that the prices are going to go down to a reasonable level?
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Well, I don’t know what the prices are going to do. My personal feeling and it’s just a feeling, is that we are going to stay at this level for awhile unless the interest rates or the mortgage rates shoot up… I don’t think the prices are going to change too much, maybe 5%, maybe 10%, if the mortgage rates go up. Who knows? Who knows? But the reality is that if the mortgage rates go up you’re going to pay more in the end anyways.
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But the way I look at it is that Vancouver in not overhyped because, if you look at the average sale price of a house in Winnipeg, say $250,000 (it could have changed a little bit here or there since I checked last), but if you’ve ever been to Winnipeg, you realize that Vancouver is ten times better. Our average price should be 2.5 million dollars for an average house in Vancouver but it’s not, it’s about a million dollars for an average house in Vancouver. So I think mathematically speaking, yes, Vancouver prices are pretty accurate or even undervalued compared to Winnipeg.
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But, in reality prices are expensive in Vancouver. It’s a very sought after area, BC stands for ‘Bring Cash’ so make sure if you are going to move to Vancouver be prepared for a million dollar price tag on your typical house.
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I don’t know where the prices are going. I don’t think they are going to shoot up at all in the next 4 years. I could be wrong. I’ve been wrong before, but I don’t think that they are going to drop 30% back to prices of 15, 20 years ago. I just don’t see it happening. They seem to be holding their own price levels right now, maybe we will see a little bit of a correction… maybe 5%, but it is not going to change and impact your buy ability, that’s for sure.
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My name is Ian Watt, and if you have any questions you can always e-mail me at IanWatt at ianwatt.ca. Thank you very much and have a great day!

14 responses to “Ian Watt, Realtor & Mathematician – “If you’ve ever been to Winnipeg, you realize that Vancouver is ten times better. Our average price should be 2.5 million dollars for an average house in Vancouver.”

  1. I love the screencaps!

  2. I can’t stand this guy. He is a such a fucking douchebag.

  3. Is that a holding cell behind him in the picture? Was he there putting bond up for a professional friend perhaps?

  4. I don’t have as strong a negative reaction to this guy as some of you guys do. He’s ‘quirky’, and ‘energetic’, but that’s fine. His message is much the same as any of many other realtors.

    Yes, I do note (and find distasteful) his hypocrisy:
    1. “I don’t know where prices are going to go; I’m not going to predict.”
    2. “Prices are very unlikely to go down; bring money.”
    But he’s a salesman, trying to make a buck, what do we expect?

    And, yes, it is problematic that some people look to realtors for market guidance. They’re going to be the last to know where things are headed. Developers aren’t that much better off.
    “I only work here” will end up being a common refrain.

  5. Well if mathematician doesn’t work out, he could be a doctor:

  6. Village Whisperer

    What makes the world a fun place are those who are willing to have an opinion and unabashedly state it – be it bull or bear.

  7. VREAA, your title is hilarious!

    Watt’s videos are fun/funny and I wouldn’t take his messages seriously. Laugh and enjoy 😀

  8. I have met him and he is quirky, amusing and dangerously stupid to a buyers wellbeing. Wouldn’t it be nice to see this kinda creep put outta business.
    PP

  9. Yeah, I could see him perhaps being dangerous for buyers. Some may find him ‘persuasive’.
    On the other hand, one could do worse than have him try to sell your condo, I’d imagine.

  10. Hmm…the 10x better thing may be right, but at
    the moment, I’d say both Van and Wpg are overpriced.

    Avg house in Van should maybe be 200k, and Wpg
    should be going for 20k. (In a sane world.)

  11. We make ten times as much money in this egotistical paradise. This city contains slums that rival the worst in the world and is increasingly full of illegal Russians and Mexicans and El 13 bums, but it sure is better than Winnipeg.
    This city full of wanna be jerks in their leased German cars and their Iphone, or whatever is the latest piece of brain frying crap that is marketed to the TWIT generation.
    Grow up folks.
    This City will be a nightmare when the bad news hits. Food production is at crisis levels, our largest trading partner is bankrupt and run by a man even more incompetent than George Bush. ( I didn’t think that was possible). Interest rates will hit the moon – take a look at Ireland and their 8.6 level and they can’t give the paper away. Bond – food and housing problems will make people pine for the good old days. They are not coming back.
    This is not all gloom and oom, at least we don’t have to live in America – at least we used to have Habeus Corpus.

  12. If Van is 10x better than winnipeg, why aren’t rents 10x higher?

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