Vancouver Average Prices Never Seen Before
Posted March 1st, 2011 in Real Estate, Statistics | 
Owning the Gold
The mantra of the 2010 Winter Olympics was to own the podium. In true Olympic fashion the never ending increases of Vancouver Real estate prices continues to place this city on the podium.
February has recorded prices never seen in Vancouver’s history with all three segments of the market winning the gold medal.
Average Price 1977 – 2011
Detached
The average price of a detached home in Vancouver recorded $1,173,395 in February – another record eclipsing January 2011′s $1,144,537.
Attached
The Attached average price continued it upward climb rebounding from December 2010′s $526,556 to exceed February’s $552,550 by achieving the highest average price ever recorded of $573,534.
Apartment
Apartment average prices were not to be left behind. Up from December 2010′s $439,648 and the previous high of $441,491 set in February, February has left all previous price levels behind attaining a stellar $444,862 average.
Vancouver Real Estate Average Price Numbers:
| Detached | Attached | Apartment |
| February 11 – $1,173,395 | February 11 – $573,534 | February 11 – $444,862 |
| February 10 – $963,191 | February 10 – $550,971 | February 10 – $432,964 |
| February 09 – $792,248 | February 09 – $437,233 | February 09 – $353,064 |
Vancouver Real Estate Inventory – Active Listings
| Detached | Attached | Apartment |
| February 11 – 4,769
+1%
|
February 11 – 1,931
+22%
|
February 11 – 5,225
+3%
|
| February 10 – 4,694 | February 10 – 1,582 | February 10 – 5,070 |
Vancouver Real Estate – Units Sold
| Detached | Attached | Apartment |
| February 11 – 1,406
+42%
|
February 11 – 489
+17%
|
February 11 – 1,206
+12%
|
| February 10 – 984 | February 10 – 417 | February 10 – 1,074 |
skewed by sales mix
that said, market is humming along
will the change in mtg rules cool things in a few weeks?
will higher rates come down the pipe, and if/when will this cool things?
or do we hum along ever higher?
We are doomed!
@samsonite
“skewed by sales mix” –
With due respect we have heard this before as justification.
While averages are subject to this anomaly you can’t dispute that this market continues to reach new ‘highs’
No two ways about it, Vancouver real estate is hot.
A detached house at 4218 west 11tth,
asking 1,098,000, just sold for 1,768,000.
Original condition, 33 foot lot. $700k over asking, which has to be a record over asking for a basic 33 foot lot.
What goes along with that is that about a dozen people wrote offers on this house and are likely still shopping.
Larry, does it actually matter what the asking price is in a hot market? As long as it at or below previous sales, it will likely get bid up, won’t it?
@Jim
“does it actually matter what the asking price is in a hot market”
- sure it does. What is problematic is that the numbers used to establish a ‘listing price’ are historical – that is the science!
Achieving an evaluation that is ‘spot on’ requires divine intervention in this type of market.
As to the west 11th property – that’s just a person short on ability or someone who has fooled the world as a marketing genius. Really – the assessment is $1,260,000! I would be remiss to suggest that anything in Point Grey has sold under the 2010 assessment in the past 6 months. What remains curious is the $1,305,000 transaction that shows up on the assessment. Is that an appraised value for a loan? Ah such mysteries!
Thanks Larry,
I take your point.
I guess the higher it goes the happy you will be Larry. Gold medals for all the rich people. Those that can’t afford it get disqualified. Oh well more and more will leave this fine city for more affordable lifestyle and Vancouver will suffer because of it. How can a city so beautiful be so ugly?? Many people with great jobs and who mis-timed the market will never be able to afford a home. That’s ok, but the pool of buyers gets smaller and smaller. And ” we are different here.”
@Rob
not sure what you are on about.
“higher it goes the happy you will be Larry” – it’s not my money
“Gold medals for all the rich people. Those that can’t afford it get disqualified.” – nothing new here, life is like that. Go visit China or India and you’ll find that you are a prince by comparison.
“Many people with great jobs and who mis-timed the market will never be able to afford a home.” – Lot of whining here. You could say that about any market at any time, any where.
Bottom line – your fight isn’t with me. There are much greater demons you need to tackle. I’m but a humble peddler.
Rob,
Relax, this market is fried. You’re looking at a blow-off top.
Come back in 2 weeks and tell us what you see.
@meth
Ahhhhhhh – the eternal optimist
My fight was never with you Larry. But do you not benefit as a realtor when prices go higher?
Demons?? None. Just tired of watching the media hype this everyday.
@Rob
minimal relative to the cost of doing business which has skyrocketed
re media – trade you for all the email campaigns that come through my email. even blocking that stuff doesn’t stop the machine. such burdens we carry
Come on Larry…exactly how has the cost of doing business ‘skyrocketed’?
@HOOLA
well now – if I thought it was important for me to respond to your deep concern …….