Vancouver Average Prices are a Never Ending Story

Never Ending Story

In 1984 the NeverEnding Story told of a young boy who “dives into a wonderous fantasy world through the pages of a mysterious book.” It is a story that takes place in Fantasia, a world being destroyed by the Nothing.

One could pre-suppose that many Vancouverites have immersed themselves in a book similar but entitled – The Vancouver Real Estate Market . A book as wondrous in fantasy as any that be told where you could begin to believe in a world with dogs that fly.

Average Price 1977 – 2011

Detached

Daring to go where the market has not gone before, April saw the average price of a detached home in Vancouver surpass all previous records as it reached $1,204,587.

Courtesy the Never Ending Story Album

The early prices in the beginning of this year reached levels that many said were out of this world. Then, April came along and the average price cooled falling to $1,155,007. Hopes that this was to be a sign of reason have fallen into the void of ‘The Nothing’.

Attached

Though attached average prices are sizzling they have not exceeded the glow of February’s all time high of $573,534. In April the average price settled in at $573,318.

Apartment

Apartment average prices have gone fantastic reaching an all time high in April of $483,424, exceeding last month’s $465,997.

Vancouver Real Estate Average Price Numbers:

Detached Attached Apartment
April 11 – $1,204,587 April 11 – $573,318 April 11 – $483,424
April 10 – $1,003,884 April 10 – $551,385 April 10 – $427,847
April 09 – $816,801 April 09 – $463,283 April 09 – $364,074

Vancouver Real Estate Inventory – Active Listings

Detached Attached Apartment
April 11 – 5,944
-9%
April 11 – 2,208
-4%
April 11 – 6,035
-13%
April 10 – 6,587 April 10 – 2,301 April 10 – 7,013

Vancouver Real Estate – Units Sold

Detached Attached Apartment
April 11 – 1,408
+2%
April 11 – 622
+0%
April 11 – 1,201
-21%
April 10 – 1,372 April 10 – 616 April 10 – 1,526

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:

John V Says:
May 3rd, 2011 at 8:28 pm

For those who care, we sold out house in Kerrisdale in March and picked up the cheque today.

Time to move to West Van – way better value and the next bubble is starting to inflate over there.

Jim Says:
May 4th, 2011 at 7:56 am

Thanks for posting these Larry.
What’s it mean for the summer market?

Van Coffee Says:
May 4th, 2011 at 7:56 am

John –
Were the buyers from Mainland China?

May 4th, 2011 at 8:26 am

@jim
street talk says busy May and June then doldrums till the fall. Perfect in my mind I’ll finally get to go sailing. 🙂

John Veltheer Says:
May 4th, 2011 at 8:30 am

Yes – they were Mainlanders. Not a word of English. Couple about 50 years old. One son. No intention to move here any time soon but do appear to have lots of friends in Vancouver.

They negotiated very little and easily paid $70K under our $3.5M list price.

LGS Says:
May 4th, 2011 at 9:40 am

All of the talk of Vancouver being unaffordable and that prices are “crazy” reminds me of the many articles that I have kept as a real hobbyist… The articles are almost verbatim over time regarding Westside Vancouver – ie people thought it was incomprehensible when a 33′ Dunbar property reached $500k, then again at $1M, then $2M…. the only thing that has changed in reading old newspaper articles is the $ figure…. but rest assured, when prices stabilize, go down about 10%, then rally again, the next uptick in prices in Westside Vancouver will be higher than they are today. Simple supply and demand… and to quote a famous line…”they ‘aint making any more land” As a born and raised Vancouverite, the type of buyer (ie no longer a working class neighborhood) has simply changed. For better or for worse – depending if you already own Westside Vancouver RE, prices will go up over time…and if you do move from Kerrisdale or anywhere else out of the Westside…you will never be able to come back in terms of price. Things have always been and will always be relative to the Westside – Further even if the market tanks short term and your Westside property loses value on paper, rest assured as well – you will still be able to buy exponentially more as you move out of the Westside and into other Greater Vancouver areas…

Jim Says:
May 4th, 2011 at 12:39 pm

John V.

I would not rush into buying in West Van. It will slow considerably in the summer, more so than other areas-it always does.

bearsknowitall Says:
May 4th, 2011 at 1:17 pm

“I’ll finally get to go sailing”

But you’ll come back to feed our bears, right? LOL

specialfx3000 Says:
May 5th, 2011 at 8:04 am

John V,

3.5M? Wow, that’s like picking up a cheque at the BCLC.

Good for you for cashing in. Cheers!

Otto Doppelganger Says:
May 6th, 2011 at 5:13 am

Vancouver’s gone parabolic…the chart eerily resembles spot silver, and we know what just happened there.

May 6th, 2011 at 5:22 pm

@OTTO
funny I thought it resembled the moon rising to shine its light on hiding bears 🙂

John V Says:
May 6th, 2011 at 5:23 pm

yeah silver is more than double what is was last year – that’s what happened to silver …

May 10th, 2011 at 5:55 pm

@DYDGI
yup another ” only time will truly tell” story. And while there are those who wait, the train arrived and left the next station.

Jim Says:
May 10th, 2011 at 6:29 pm

Larry, have you habandoned your normally balanced viewpoint and tilted toward the bullish side?

May 10th, 2011 at 9:02 pm

@jim

nah! The reality is that not all have benefited from this market. Sadly, I suspect that the majority are those who would have appreciated the rise more than those who did benefit. However, bemoaning the market’s selective non inclusiveness serves little purpose. It is what it is and is a function of much more than just an average price. What is striking from my perspective, is that those who have benefited most seem to guard each incremental penny more than those who haven’t.

Jim Says:
May 12th, 2011 at 11:01 am

Larry, obtuse as always.

I thought you were posting less because you are busy.

May 12th, 2011 at 11:44 am

@jim

Shall I presume that is a compliment?

Actually it’s been a much better than average productive year so far. For this I am pleased. Helps to pay for the programmer 🙂
That I haven’t been posting regularly has it’s own reasons. It’s a matter of perspective while living the vida loca as a Realtor®.
As I think about the number of summers we get to enjoy I’ll reflect on ramping up the blog machine in the weeks ahead on the condition that sailing is not hampered by the weather. Jim, how many summers do you have left?

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