Vancouver B.C – Average Residential Prices

February 2009’s Numbers

February’s numbers for Condos and apartments continue to take a beating. Detached prices have held for the month, but remain dismal. Residential Active listings hover at 14,543 with 1,483 units selling – down 44% from last year.

Market history can be brutal and historical percentages even more so as they have far reaching implications for owners. Condos and apartments continue their slide towards values of Feb 2006. Detached are following with less vigor.

Back to the Future

Realtors report that buyers are busy shopping however, sales have not materialized. Unit sales in February for detached were down 41%, attached hovered at 49% and apartments came in at 45%. Continued low unit sales volume and price drops so far this year indicate we could be on our way as predicted by many, for price drops exceeding the increases of ’06 and ’07. Will prices reach 2005 levels? One wonders how far back the market will go before we see a positive future?

Vancouver Real Estate Average Price Numbers:

Detached Attached Apartment
Jan 09 – 782,961 Jan 09 – 449,389 Jan 09 – 365,657
Feb 09 – 792,551 – Up Feb 09 – 437,233 – Down Feb 09 – 353,064 – Down

Vancouver Real Estate Average Price // Percent YOY:

Detached Attached Apartment
Feb 07 – 743,221 Feb 07 – 462,184 Feb 07 – 367,596
Feb 08 – 920,643 Feb 08 – 512,730 Feb 08 – 424,839
Feb 09 – 792,551 / – 13.9% * Feb 09 – 437,233 / – 14.7% * Feb 09 – 353,064 / – 16.8% *

* Percent reflects change from 2008 to 2009

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I’m always happy to answer your Vancouver Real Estate question. Call or send me an email Twitter or Skype me at YatterMatters.

Larry

*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed. **Numbers provided may vary as they are dynamically posted by the REBGV.

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

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*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

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