Vancouver Overview and Faves for 2011


Every perspective adds dimension to our view of the Vancouver Real Estate market. Whether it is the monthly Average price, the Housing Price Index or something as momentary as a Community Snapshot to render ‘the big picture’.

YatterMatters’ exclusive LAPS series offers one of those perspectives.

Vancouver Detached Units Listed

Units Listed achieved a new low in 2010 as only 1,113 new listings were recorded in November. Compare this to April when 3,183 units were listed. Sellers have retreated from the market place in a big way. It may be a little premature but, you can anticipate that once the Visa bills arrive with their tally for Holiday shopping listings will rise again.

Vancouver Detached Units Sold

Sales increased. At 1,054 solds, the total came close but did not exceed the hey maker numbers 1,100 seen between March and June. November’s 1,054 is more consistent with the numbers matches the totals seen between March and June of 2010 and April to November of of 2009.

Vancouver’s Detached Active Listings

Active Listings dropped to 5,019 in November, a number in between February’s 4,694 and March’s 5,501 and plainly below June’s high of 7,529.

Tall Trees – 22nd Street East of Fraser

Average Price

The average price for detached homes faltered slightly as it fell below the high of October’s $1,058,578 settling in November at $1,043,161. Although not a severe drop it may serve as an indication that the market is moving back to more reasonable levels. It may also be a false positive as we are heading into the traditional slow period of the year.

Looking Ahead with a Mirror

Looking back, average prices have been above the $913,000 level since October 2009. Averages climbed to new highs in 2010 and with what I think will be the exception to the rule for the year November and December will record lower numbers. With cup half full, the beginning of 2011 may well be the beginning of a new round of price increases.

Neighbourhood Faves

Notable is that as I look through the over all numbers of listings and sales there is pressure building on the east side and beyond. More and more houses on the east side are being snapped up by those who would prefer the west side but due to budget restrictions find themselves driving prices up east of Main.

I’ve ranted about this before with good cause. The Fraser area is seeing new houses are being sold in excess of $1.2 million or more and well renovated homes are realizing $1 – $1.1 million. The Fraser and Grandview (Commercial Drive) areas are and will continue to be ‘the’ new frontier for ‘almost made it’ west siders. Those communities are close to downtown work places, have improved quick bus services, have good schools and parks. Currently the needs of the Fraser community, are being filled by the facilities on Main street and parts of Kingsway but as mentioned before, new ammenities, and services are springing up along Fraser street north of 33rd and will only make this area more attractive.

Use the Find a Home feature and take a drive around these two neighbourhoods to see what I’m talking about. Be sure to call me if you want to know where not to buy. There are a couple of bogs that you’ll want to know about before you make your offer.

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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