Not Your Average Dragon – Vancouver Real Estate

Dragon

In the Year of the Dragon some will say that the beast has set fire to Vancouver’s Real Estate.

Average Price 1977 – 2012

Detached

Vancouver home prices felt the heat. Rising from December 2011’s low of $1,064,249, the average Vancouver detached home price increased to $1,145,956 in January 2012.

Attached

Vancouver’s Attached properties also felt the flames as the average price increased from December’s 2011’s $511,948 to January 2012’s $552,696.

Apartment

Close but not close enough to feel the heat, Vancouver Apartments average price fell from December 2011’s $443,808 to January 2012’s $439,566.

Vancouver Real Estate Average Price Numbers:

Detached Attached Apartment
January 12 – $1,145,956 January 12 – $552,696 January 12 – $439,566
January 11 – $1,144,537 January 11 – $552,550 January 11 – $441,491
January 10 – $950,785 January 10 – $552,971 January 10 – $420,566

Vancouver Real Estate Inventory – Active Listings

Detached Attached Apartment
January 12 – 5,329
+ 28%
January 12 – 1,943
+ 15%
January 12 – 5,272
+ 14%
January 11 – 4,138 January 11 – 1,687 January 11 – 4,613

Vancouver Real Estate – Units Sold

Detached Attached Apartment
January 12 – 664
-16%
January 12 – 261
-16%
January 12 – 657
– 7%
January 11 – 793 January 11 – 313 January 11 – 713

*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:

ZRH2YVR Says:
February 1st, 2012 at 7:05 am

Fantastic . . . thanks for the early post.

Just a reminder to all that there were 2 sales over 15,000,000 during the month which bring the average for SFH up by over $50,000. Still an “uptick” from December.

painted turtle Says:
February 1st, 2012 at 7:40 am

Aren’t those numbers skewed by the sell of two very expansive homes ($20 millions and $15 millions)?
Shouldn’t we always use the median sale price?

painted turtle Says:
February 1st, 2012 at 7:44 am

Larry is definitely a pumper 🙁
I am very disappointed in him. I always thought I would one day ask him to be my realtor, but I am changing my mind: he is not any better.

vanpro Says:
February 1st, 2012 at 8:00 am

Avg. price of SFH is up compared to Dec/11 but flat YoY (recall that avg. price is down since June/11 peak). Now, attached and condo average prices are essentially FLAT for the last 2 YEARS.

Sales WAY down and Unsold Listings WAY up resulting in large increase in MOI to about 8.0 overall.

SFH leads in increase in unsold inventory (+28% YoY), decrease in sales (-16%) and high MOI (now 8.0 vs. 5.2 at Jan.31/11).

Overall unsold inventory is UP 20% YoY. MOI overall is at 8.0 vs. 5.7 at Jan.31/11.

Tell Me Says:
February 1st, 2012 at 8:14 am

Larry, the detached uptick is this a result of a couple big dollar sales in Jan? If so the chart is misleading to most. Just curious!

February 1st, 2012 at 8:38 am

@painted

Now the numbers are somehow my fault. Get a freaking life!

Makaya Says:
February 1st, 2012 at 10:39 am

@painted and Larry…

Lots of emotions today! Let’s wait until May to have a clear picture of where this market is going and until September to have a good confirmation.

There are lots of signs that point to a weakening market, but Vancouver has never failed to surprise us in the past.

Let’s see if all these “birds of ill omen” are harbingers of what’s coming. In the meantime… Peace!

REW.ca Says:
February 1st, 2012 at 11:32 am

It’ll be interesting to see how many Chinese New Year sales close in February. The celebration started on January 23 and lasts 15 days. The Realtors we talked to for our New Year article were expecting big things: http://www.rew.ca/articles/the-chinese-new-year-effect-185

Rob Says:
February 1st, 2012 at 1:04 pm

Here’s one for the fire breathing dragon. In Bloomberg last night a feature article regarding Hong Kong real estate. ” Hong Kong homes face 25% decline in year of dragon: Mortgages.

BubbleBoy Says:
February 1st, 2012 at 1:59 pm

With all this good news in RE, where is Reggie?

February 1st, 2012 at 2:05 pm

@bubbles
best guess – spending his tax free profit 🙂

fish10 Says:
February 1st, 2012 at 5:57 pm

OK guys, back off Larry.

He has been providing a great service for all RE watchers for years. He freely allows us to use his graph on our blogs and when his average price dropped ++ last month we feted him.

Now that they are up, some are losing it. He didn’t make up the numbers, he is just reporting them, quicker than anyone else.

I must admit I got a bit discouraged too when I first saw them, but we still have median and benchmark to come, and even the average is flat YOY.

So those of us waiting for sanity before we buy will just have to be more patient.

Best place on meth Says:
February 1st, 2012 at 6:26 pm

@REW.ca

“It’ll be interesting to see how many Chinese New Year sales close in February.”

I don’t think the Chinese will have much luck dumping their Vancouver properties this CNY so short answer, not many.

But give them credit for trying.

February 1st, 2012 at 6:26 pm

@Fish
Thanks

Reggie Says:
February 1st, 2012 at 7:59 pm

Here, Here to Fish. I agree, thanks Larry!

I for one am relieved to see prices moving higher.

That said, I do notice that fewer of my friends are talking about real estate non-stop, so I wonder if something is up?

Larry, coffee talk from your China connected friends – any updates? Are planeloads inbound?

Let’s hope!:-)

Peter Pan Says:
February 1st, 2012 at 10:57 pm

Reggie, I like it when people like your friends talk about real estate non-stop… to me, it just confirms the nature of the bubble… I don’t want a “Cooperesque” balloon… I want a full Las Vegas/Maricopa Country/Florida style real estate bubble here… nothing less than repossessed E series Mercs from real estate agents will satisfy me.

February 1st, 2012 at 11:19 pm

@Peter Pan

be careful of what you wish for. There is a lot more financial pain associated with your plan than most would wish to bear.

BubbleBoy Says:
February 2nd, 2012 at 7:17 am

If the bubble pops like Peter pan describes it, taxpayers are on the hook. But let’s tax the ones that can afford to pay it. Start with developers.
Reggie, you still haven’t sold? I knew it!!!

Peter Pan Says:
February 2nd, 2012 at 7:50 am

Larry, do you really think high real estate prices don’t cause pain every day? Today’s homebuyers have been sold a bill of sales about “getting in the market” at any price. The problem is they’re devoting ever-increasing percentages of their after-tax income to do this.

There is going to be some type of “reset” in this market… the way the real estate bubble is being inflated, it’s going to be a “big” reset.

vanpro Says:
February 2nd, 2012 at 8:15 am

Yes, Larry is providing a great service w/ the daily data and I’ll add my THANKS!

February 2nd, 2012 at 9:24 am

@peter pan
“do you really think high real estate prices don’t cause pain every day”
– you are twisting
– not what was said

“sold a bill / getting in the market at any price”
– In contrast people have equal power to say ‘NO, I’m not buying it! It’s too expensive!
– what happened to taking responsibility for your decision to sign the loan agreement? That part of the equation remains unaccounted.
Personally, I’ve shaken my head many times as I watch what people sign up for believing they ‘must have it now’ only to suffer later.

“The problem is they’re devoting ever-increasing percentages of their after-tax income to do this”
-Please don’t tell me they don’t have a choice!
As much as sellers don’t accept an offer claiming that it is not enough, buyers too have the power to say too bad – it’s all that it is worth to me.

As you know, over ask sales were/are commonplace. Of ten offers 9 wise buyers walked away claiming they lost out on the deal. From my perspective they held to their reason and were not overcome by passion.

You want prices to come down – don’t buy the product!
In the interim, please stop telling me buyers paid the high price and it was the fault of someone else. That sir, is stinkin thinkin!

February 2nd, 2012 at 9:31 am

@vanpro
thanks – ‘warm fuzzies’ always appreciated 🙂

Rob Says:
February 2nd, 2012 at 10:01 am

I agree Larry that we have a choice. Sad part is we don’t always make the right decision when it comes to the most emotional purchase of ones life. We are constantly told by media/people get in now before your priced out. We want what the “jones” have and must keep up at any cost. Yes I agree we are quick to blame others. Just wait if our prices take a big hit you’ll see many owners blaming someone else.
Thanks for the information Larry.

VMD Says:
February 2nd, 2012 at 1:38 pm

Thanks Larry for the stats,

Miss your neighborhood snapshot series!

February 2nd, 2012 at 2:20 pm

@vmd
time permitting I might revive those. They were fun to build.

BubbleBoy Says:
February 2nd, 2012 at 2:27 pm

There’s always bitching and whining about everything. And having Internet blogs are a great place to discuss a emotional topic. I don’t own anymore but I definitely will own again when it makes sense to. It makes no sense to buy when the kid with 5% down out bids you. And for pointing fingers? If you buy and the market crashes, blame yourself. Don’t listen to anyone but yourself. Do your research!!!

Makaya Says:
February 2nd, 2012 at 2:55 pm

Just to witness with my own eyes the insanity of people buying mansions they can’t afford, I wish I had been a realtor (not for too long though :p)

February 2nd, 2012 at 3:03 pm

@bubbles

Love this! Succinct and correct!

“Don’t listen to anyone but yourself. Do your research!!!”

vangrl Says:
February 2nd, 2012 at 6:57 pm

yes, thanks for the stats Larry!

and I also miss your neighborhood snapshot series!

sempre Says:
February 2nd, 2012 at 8:06 pm

Problem with the keeping up with the Jones is sometimes the Jones have more money than you do 🙂

Jim Says:
February 11th, 2012 at 7:42 am

I am reminded of VHB whose blog exploded by feeding the bears. Larry is way too balanced for the doomers.

Rob Says:
February 12th, 2012 at 8:11 pm

I love how those who see a correction are considered doomers.

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