REBGV Detached – The Last Lap

REBGV Laps

The Average price, the Housing Price Index create one picture of the detached Vancouver real estate market.

YatterMatters’ exclusive LAPS series offers another perspective to complete the picture.

Vancouver Detached Units Listed

Units Listed achieved the lowest level for 2010 as only 1,418 new listings were recorded in October.

Vancouver Detached Units Sold

Sales increased. At 979 solds, the total did not exceed the hey maker numbers above 1,100 seen between March and June. October’s 979 is more consistent with the numbers seen in the remaining months of this year.

Vancouver’s Detached Active Listings

Active Listings dropped to 5,829 a number that is more in line with the earlier part of 2010 and in harmony with the active listing count in the last half of 2009.

‘The Last Lap’-Painting by Hassan Aliyu

Average Price

The average price once again broke through that mystical barrier of $1,000,000. While a substantial sale of $17,000,000 in October will have skewed this number it will remain higher than Septemeber’s $1,016,324, the previous all time high for a Vancouver single family detached home.

Last Lap

Leaning to the left it is clear that unless substantial increases to incomes are made in the near future the ‘average family’ is this city have or are becoming the latter part of the ‘have and have not’ equation. The other alternative to this dilemma is that prices must reduce drastically. Considering the financial sources that support high prices, the likely hood of seeing price reductions in the last lap is unlikely.

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.

Reader Comments:

MH Says:
November 3rd, 2010 at 8:29 am

You could have used the price/income ratio a LONG time ago. There’s obviously something else at work here, whether it be Asian money or something that has yet to be discussed.

November 3rd, 2010 at 8:43 am

@MH
“There’s obviously something else at work here”

What IYO would that be?

Jim Says:
November 3rd, 2010 at 11:46 am

Every $1,000,000 home buyer likley sold something else to buy (is not a first time buyer). So equity would likely well exceed the basic downpayment on which basic affrdabily using income stats is calculated.
Plus our market is highly stratified by income brackets.

MH Says:
November 3rd, 2010 at 2:26 pm

Larry, if I knew I would tell ya… I have my theories but they’re just that, theories, which are probably incorrect.

grow up! Says:
November 3rd, 2010 at 4:33 pm

something else at work? Cant you think of what might be? Last report from BC hydro states that approx. 75000 homes in Vancouver lower mainland have high abnormal electricity consumption. The money has to go somewhere. There is no better way than paying a morgage to launder drug money.

MH Says:
November 3rd, 2010 at 9:08 pm

I’m sure that’s a part of it, but not the main cause.

Mike Says:
November 3rd, 2010 at 10:43 pm

MH, watch what happens with the new TD mortgages. All new borrowers are forced to take collateral mortgages which make it easier for them to gorge on more equity but handcuffs them to their new LORD AND MASTER at renewal. If people are stupid enough to fall for this, there is great potential for more real estate insanity. I mean this crap has industry insiders alarmed. Its that bad.

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