Vancouver West Side Snapshot

Community SnapShot – Vancouver West

It has been a while since we have taken a look at a Vancouver West community snapshot.

It seems long ago since I started the snapshot adventure and since then the Vancouver real estate market has changed. One might have expected the recent explosive influence of offshore monies to have sent the west side into some level of chaos. Comparatively, as I look back the numbers have changed but the pattern seen on the graph seems to have remained almost consistent.

This snapshot reflects the periods of March 25,2011 to April 25,2011 and April 25, 2011 to May 25,2011.

Total Listings

In the Vancouver West community the snapshot shows listings having decreased from Mar/Apr’s 600 to Apr/May’s 428.

Vancouver’s West Side Sold Homes

In concert the number of sales has also dropped from Mar/Apr’s 163 homes to Apr/May’s 120.

Expired, Days on Market

  • Mar/Apr had 9 listings mandates expire. This number increased to 14 in Apr/May.
  • At 40 days it took a little longer to sell a Vancouver west side home in Mar/Apr compared to Apr/May’s 31.

Vancouver’s West Side Average and Median Prices for West Side Homes

  • Mar/Apr’s Average Ask price was $2,257,337. The Average Ask price increased slightly to $2,367,153 in Apr/May.
  • The Median Ask price in Mar/Apr was $1,948,000. The Median ask decreased a bit in Apr/May to $1,894,000.
  • The Average Sold price in the Mar/Apr was $2,165,512. In Apr/May there was a slight upward tick to $2,287,060.
  • The Median Sold price in Mar/Apr was $1,890,000. The Median Sold also had a small up-tick to $1,926,500 in Apr/May.

Thoughts on the Table

Average and median numbers from a small sample leave a lot on the table of desired accuracy. The tally is not much to work with and can send you into a tail spin trying to figure it out. Unfortunately, it is all we have and as that is the case this snapshot would suggest that the April/May period has proven to be a less robust market than Mar/Apr. Were you to talk to a number of West Side Realtors® they might make similar claims. Then again, this Vancouver’s West Side snapshot while an indicator, does not a market make.

Photo Credit

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:

Hazuchan Says:
May 25th, 2011 at 7:54 pm

What are your thoughts on Peter Ladner’s point of view that there should be discussion of limiting non-resident foreign ownership, as has been implemented successfully in Australia, Singapore, etc? Do you think it would have an impact on west-side prices? And would it trickle through the other Metro Vancouver markets?

specialfx3000 Says:
May 25th, 2011 at 10:04 pm

Your community snapshot posts are always a pleasure to follow. Keep it up.

May 25th, 2011 at 10:16 pm

Hazuchan

Don’t you get the feeling that Ladner is being xenophobic in a global community?

As to west side prices –
Please! This may seem obvious but I don’t recall anybody pointing a gun at the heads of the previous west side home owners demanding that they sell only to locals for less.

May 25th, 2011 at 10:21 pm

@special
🙂

Hazuchan Says:
May 26th, 2011 at 12:15 am

Here is a comment from Peter Ladner himself:

“And this: is there ever a point where the unaffordability of a city’s housing warrants some kind of market intervention? Maybe not, but I’d sure like to have a better idea on how many businesses and families and bright young people have left town or given up any hope of locating here because of our housing unaffordability. When I hear that a mining company CFO can’t afford to buy a home in Vancouver, we’ve got a problem.”

http://www.theglobeandmail.com/news/national/british-columbia/busting-the-myths-of-vancouver-real-estate/article2033738/comments/

I think these are valid points and so when other jurisdictions are doing this too, it may be a sign that the current market is creating large negative externalities.  Ladner just doesn’t seem like a xenophobe to me.

Jim Says:
May 26th, 2011 at 7:47 am

Great post Larry!

Limiting foreign ownerdhip isn’t neccessary. The West Side market is collapsing under its own weight.

Maureen Dunne Says:
May 27th, 2011 at 11:26 am

Peter Ladner a xenophobe because he thinks we should limit foreign ownership?

Only a realtor could think something like that.

Wait until the mainland chinese realtors push you guys out of the way and you’ll be singing a different tune.

Hello Danny Deng, Goodbye Larry Yatowsky!

I think Andrew Hasman is one of the first to realize this.

vangrl Says:
May 27th, 2011 at 4:21 pm

totally agree with you Maureen!

My friends parents listed a 4 million dollar Shaughnessy home with an Asian realtor that they had never met before because they were told he had “connections” with buyers from overseas. They have lived in Vancouver for over 30 years and know many realtors but chose this unknown realtor instead. Of course it sold for over asking. That’s a lot of commission that went to this Asian realtor. I’m sure this is probably happening more and more these days.
I’m hoping this post is p.c, terrified these days:)

May 27th, 2011 at 6:20 pm

@maureen dunne
Re: Ladner; I dunno – assuming the intent exists what would you call it?
Does NIMBY work ?
Not to your liking? How about the The Chinese Head tax, the Komagata Maru or the Japanese internment to name a few. Strong comparisons to be sure but, they all started with a self serving thought.

Call it what you will or deny it in total! The bottom line – it seems a slippery path taken!

@vangrl
Nothing new – another reality of life in the big smoke. Friends, and associates are often traded in for the buck.

Jim Says:
May 27th, 2011 at 6:45 pm

When the HAM goes home. all these “Asian” realtors will miraculously become anglicized.
The same mindset that loves white bimmers with crap hanging from the rear view mirrors loves to buy at the top.

emanuel Says:
May 27th, 2011 at 9:41 pm

I have heard rumors in the Chinese community that a lot of this HAM from Mainland China was made through criminal activity, and that “investing” in Canadian real estate has become a way of money laundering … has anyone else heard this?

May 27th, 2011 at 10:07 pm

@emanuel

If your comment gets passed around then it will qualify as a rumour which of course will serve to embellish all the other stories. There are probably 2 billion of them. 🙂

bbcoq Says:
May 28th, 2011 at 1:45 am

To be fair Larry I think all Canadians have a valid concern when the economy of another country, in this case China, is determining the costs of a basic need (shelter) and the locals are priced out.
I have visited the Silicon Valley and the blue collar/service sector is pretty much priced out and it is not a good thing-it limits the options and the society is not exactly diverse-the class system is alive and well in this area.
I know many Chinese Canadaians share this thought. It is not about race, ethnicity, gender, sexual persuasion, age etc-it is about affordability.
In my opinion, this is something we all need to consider.

May 28th, 2011 at 8:48 am

@bbcoq

let’s not forget about how we support that economy. You might say that we traded housing affordability for a cheap TV.

bbcoq Says:
May 28th, 2011 at 1:30 pm

validnpoint Larry but I would put shelter higher up in the list of priorities than cheap electronics

May 28th, 2011 at 2:24 pm

@bbcoq
Can’t disagree but you have to go back in time to see how the cheap TV got us to where houses are today unaffordable.

bbcoq Says:
May 28th, 2011 at 9:48 pm

End of the day, we are where we are-here. What do we do to get to where we want to be?

May 28th, 2011 at 11:01 pm

@bbcoq

“What do we do to get to where we want to be?”
That sir, is a damn good question. Were I sufficiently wise I would make a suggestion.
We will survive of that I am certain, but I do have a nagging feeling that it is not going to be pretty for a lot of people.

bbcoq Says:
May 28th, 2011 at 11:35 pm

Sorry Larry-what do you mean?

May 30th, 2011 at 6:50 am

@bbcoq
we are talking about affordability and as has been noted many times it is for more people becoming more difficult to own a home.

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