Vancouver Average Price Thinning

Weight Loss

Two of three market segments show Vancouver real estate’s average prices losing some of the fat gained early this year.

Average Price 1977 – 2011

Detached

Detached home prices continue a dramatic reversal from the gains made this spring. Vancouver’s average detached price has dropped more pounds for the second month in a row. From May’s scale tipping all time high of $1,223,421 that scale’s dial has inched its way downward beginning in June at $1,215,265 to reach September’s $1,104,896.

Attached

Attached average prices have followed an opposite course from May’s average of $555,057 as it continues to gorge as the average price climbed to September’s $573,259.

Apartment

On the same plan as Detached homes, Apartments tipped the scale with April’s high of $483,424 and now in September weigh in at $455,342.

Vancouver Real Estate Average Price Numbers:

Detached Attached Apartment
September 11 – $1,104,896 September 11 – $573,259 September 11 – $455,342
September 10 – $1,016,324 September 10 – $534,085 September 10 – $430,712
September 09 – $872,115 September 09 – $509,601 September 09 – $409,068

Vancouver Real Estate Inventory – Active Listings

Detached Attached Apartment
September 11 – 6,885
6%
September 11 – 2,532
6%
September 11 – 6,668
2%
September 10 – 6,489 September 10 – 2,381 September 10 – 6,531

Vancouver Real Estate – Units Sold

Detached Attached Apartment
September 11 – 966
+11%
September 11 – 367
– 4%
September 11 – 922
– 5%
September 10 – 870 September 10 – 384 September 10 – 972

*Percent = YOY

Image 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:

fish10 Says:
October 1st, 2011 at 9:01 am

Thanks Larry, like a swiss watch you are always out reliably with you numbers on the first of the month.

vangrl Says:
October 1st, 2011 at 11:09 am

well most of us saw this coming from a Point Grey mile away!

specialfx3000 Says:
October 1st, 2011 at 12:28 pm

The fat lady pictured spells the end of this Vancouver housing craze. It’s over. Can’t tell from the picture but she is singing.

October 1st, 2011 at 12:32 pm

@special

no doubt it’s a ‘special’ tune 🙂

vanpro Says:
October 1st, 2011 at 5:40 pm

Larry, from the picture, I can’t make out if the fat lady is signing or not, but the graph sure does imply she is warming up the voice, no?

October 1st, 2011 at 6:09 pm

@vanpro
Some bear types would suggest that she is resting up for her audition.

Best place on meth Says:
October 1st, 2011 at 7:36 pm

Looking forward to see the price under 1 million in just a month or 2.

And much lower after that.

ss Says:
October 1st, 2011 at 10:43 pm

Thanks again for the numbers!
10% drop from the high.
Sure looks like the head and shoulders pattern of 2007 in the US http://bigpicture.typepad.com/comments/images/2007/05/17/real_estate_hs.png

October 1st, 2011 at 11:04 pm

@meth
careful what you wish for

BubbleBoy Says:
October 2nd, 2011 at 3:41 pm

Wish for a crash, is wishing for unemployment. Real estate is the reason why we weathered the economic storm. So decide what you want @meth.

zrh2yvr Says:
October 2nd, 2011 at 3:53 pm

Much of the drop is only in the “Mix” as the high-end slows and the most high priced markets slow. This does not bring down transaction prices as much as the average. Let’s wait until the benchmark prices come out from REBGV this week. There is definitely no upward pressure right now on prices.

Boombust Says:
October 2nd, 2011 at 5:04 pm

“Wish for a crash, is wishing for unemployment…”

Really? Why so?

specialfx3000 Says:
October 2nd, 2011 at 5:40 pm

“Real estate is the reason why we weathered the economic storm.” @Bubbleboy, you should re-read what you just wrote. Forget what one wants, an economy cannot be sustained based on Real Estate prices.

October 2nd, 2011 at 5:52 pm

@special
just to be clear – “price” wasn’t in @bubbleboy’s comment.

As such would you have us presume from your comment that somehow the notion of ‘real estate’ and ‘price’ are the same thing?

BubbleBoy Says:
October 2nd, 2011 at 6:07 pm

@boombust So what do u think would happen if real estate crashes? What would happen to our almost 0 GDP? I’d like prices to come down, but I’d also like to keep my wage

specialfx3000 Says:
October 2nd, 2011 at 7:38 pm

‘real estate’ and ‘price’ are not the same thing but take ‘price’ gains away and let’s see how we can weather the economic storm.

bbcoq Says:
October 2nd, 2011 at 8:36 pm

This may sound trite but corrections, or price declines, are normal and in fact needed for continuation of a long term, bullish trend. In fact, any follower of technical analysis will tell you the longer a bull phase without a correction, the more impacting a correction will be.
This is a good thing….

BubbleBoy Says:
October 2nd, 2011 at 9:30 pm

In 2008, there were some that predicted %50 drop. So now that we are even higher, we need to drop %75 to see that come true. Boy oh boy if that happens…….. 🙁

BubbleBoy Says:
October 2nd, 2011 at 9:50 pm

@yattermatters let’s hear you prediction.

October 3rd, 2011 at 8:02 am

@bubbleboy

Thinking glass half full –
Overall probably a copy of last year. Inventory reduces till January. Confidence in global affairs increases. An election will be announced so that we can get on with provincial business. % rates won’t change.

Buyer demand persists but – very picky. As usual good quality or ‘tarted’ up homes will sell at top dollar. Everything else is a crap shoot.

West side – High end house prices will be off. Prices won’t suffer much under 2 million.

Pockets on the East side will be robust. My pick is the Fraser neighbourhood 17th to 37th between Fraser and Knight. I see this pocket as the release valve for Main. Killarney will be steady with Asians because of the school. City is changing rules so watch for Norquay neighborhood (Earles and Kingsway) to get hotter.

As to certainty – you can count on rain and it will get colder 🙂

bbcoq Says:
October 3rd, 2011 at 8:17 am

And the Canucks Larry?

October 3rd, 2011 at 9:44 am

@bbcoq
re Canucks – they’ll be wearing blue jerseys 🙂

BubbleBoy Says:
October 3rd, 2011 at 10:48 am

@yatmatt we will need stocks, commodities, and CDN $ to rise before RE starts to turn around again. It’s 2008 all over again

Hazu Chan Says:
October 3rd, 2011 at 11:10 am

What’s the scoop on Norquay?

October 3rd, 2011 at 2:05 pm

@hazu
zoning changes = $$

BubbleBoy Says:
October 4th, 2011 at 11:29 am

Sept rebgv stats out. Benchmark down %.5 since june. Tsx down %23 since march.

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