Vancouver Average Price – Residential
Posted July 2nd, 2009 in Real Estate, Statistics | 
Housing and Bread Lines
It’s been said before in previous posts that Averages, are always a little scary. As a snap shot indicator they can prove beneficial rarely however, are they a complete picture.
Last month it was noted from Realtor reactions founded in east and west side sales made you might think we were back in 2007. In recent weeks the tone has changed with more Realtors and buyers getting grumpy. For Realtors working with Buyers, with decreasing inventory, the hunt for suitable product is frustrating in the extreme.
Buyers should expect that product considered acceptable to them is often considered acceptable by many others. The result is a scramble to be the first player. Often sold quickly via multiple offers, havoc, stress and discontent for all parties except that buyer who pays the most and the seller prevails. For the majority, it is simply, not a fun experience.
The hunting exercise conjures the image of people lining up at the local bakery to buy a loaf of bread. Patiently, they wait for hours in line, only to find that when it is their turn at the counter, the last loaf was sold to the previous person.
June’s Month of Numbers
As suspected what goes up eventually has to fall. In April we witnessed the beginnings of a push in prices. April’s showers saw May’s flowers bloom with price increases. Now in the heat of summer and little rain, those same flowers are wilting. Vancouver’s Residential average market price dropped in two of 3 sectors. Both Detached and Apartments registered lower prices approaching those witnessed in April.
See Saw
In order to view this see saw in all it’s glory, a portion of data was realigned to display 3 years of average prices. In this less compressed format the ups and downs of the average price for this period can be seen.
Outlook
Buyers are demanding quality product. With the overall drop in the number of listings slowly reducing (May 13,641 – June 13,252) one might expect under the old mantra supply and demand, to see prices jump up again. That would be a historical norm under a previous economic doctrine. In today’s Vancouver’s real estate market nothing is to be considered normal. While some buyers are prepared to pay almost anything to acquire a property, one senses that there are a greater number who face value reality head on and are not as affected as those who’s offers have been shunned in a sequence of multiple offers. Should that global sense of value reality prevail, suspect is the prices will indeed decline further. The months ahead may see affordability kick in for Attached and Apartments and begin to parallel the Detached path.
Vancouver Real Estate Average Price Numbers:
| Detached | Attached | Apartment |
| Apr 09 – 816,801 | Apr 09 – 463,283 | Apr 09 – 364,074 |
| May 09 – 831,171 – Up | May 09 – 479,580 – Up | May 09 – 394,133 – Up |
| June 09 – 819,235 – Down | June 09 – 4489,741 – Up | June 09 – 383,725 – Down |
*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.
I’m so happy for you and your fellow Vancouver Realtors Larry. I discovered your blog when business wasn’t so promising. I like these entries much better. The content and tone are much more promising.
Hi Duncan,
Well you know Realtors, they are always a lot more chipper when the market is flying and right now it is certainly do that.
[...] Apartment sectors of Vancouver residential real estate took a hit downward in this last period (see http://www.yattermatters.com/real-estate/vancouver-average-price-residential/ ). One could assume that the reduction in the number of sales for Kitsilano Attached is an [...]