Vancouver Real Estate’s Past Glory

The Past

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History is a place from which we learn what the future might be.

To that end, Landcor® has released their Provincial historic Overview of 2008’s Real Estate market.

Provincial Highlights

All Quotes from Landcor’s report:

  • 2008’s residential sales count is similar to the total sales generated in 2002, dropping to 113,654 sales in 2008, compared to 115,314 in 2002.”
  • “Detached home and vacant land sales saw the greatest decreases in total sales this year when compared to 2007, dropping 35% to 46,164 units and 33% to 11,749 units.”
  • “Condos experienced the smallest decline in total number of units sold in 2008, down 24% to 35,097 from 2007’s total of 46,099 (the highest annual sales count on record for this property type).”

Good News

“Despite the drastic declines experienced in the end of the third quarter and through Q4 08, average sales prices in the province are up 10% over last year, averaging $323,968, up from $294,180 in 2007. When looking at the median sales price a similar statistic emerges with 2008 up 9% over 2007, at $349,900 from $320,000 in the previous year.”

How Bad Was It?

“Q4 of 2008 was a tumultuous time for real estate in BC. The total number of sales in Q4 dropped 36% to 18,886 sales from Q3’s total of 29,587. Sales generally taper off near the end of the year, but 2008 experienced this decline to a greater degree.”

“Comparatively, Q4 2007 saw sales drop 30% to 33,531 sales from 48,016 in Q3 07. In fact, only three other quarters since January 2000 have had fewer sales than Q4 08; Q1 2000 with 14,860 sales, Q4 2000 with 17,981 sales and Q1 2001 with 14,894 sales.”

“Looking at the quarter, month by month, Q4’s performance becomes increasingly discouraging. Monthly sale counts for October and December dropped below 2001 sale levels to 7,941 and 4,802, respectively while November’s sale count of 6,090 even fell below the total number of sales in November 2000″.

Greater Vancouver

  • “Greater Vancouver saw the smallest decline in total number of units sold, down 24% to 48,644 from 2007’s total of 63,827.”
  • “43% of the sales in BC this past year took place in Greater Vancouver, with 48,644 completed transactions.”
  • “46% of this region’s total sales (22,237 sales) were condos, with a median sales price of $344,000.”
  • “31% were detached homes (15,016 sales) posting a median sales price of $645,000.”
  • “7,259 attached homes sold in 2008 in Greater Vancouver, with a $399,800 median sales price.”

Future

A swami looking into his crystal ball may be able to divine the answers. Without the benefit of his foresight we are left to ask – what does this report tell us of our place in the sun? Will the future of real estate in B.C. be bright?

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: Information provided while believed to be accurate is are not guaranteed.

**Emphasis the authors

Landcor’s full report.

*** Landcor® Data Corporation’s Full Report

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.

When Life Moves You - contact 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.

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