Vancouver Home Prices Set New Record High

Hot Flame

Vancouver Real Estate history may be record that the Chinese dragon of 2012 possessed a roar that was quiet. It’s flame however, much hotter than anticipated, has etched a new average price record for Vancouver homes.

Average Price 1977 – 2012

Detached

Vancouver home prices felt the heat as the average price temperature rose from December 2011’s low of $1,064,249, to reach an all time high detached home price of $1,235,244 in February 2012 surpassing May 2011’s $1,223,421.

Attached

The flame scorched Vancouver’s Attached properties as the average attached price increased from December’s 2011’s $511,948 to February 2012’s $558,548.

Apartment

Vancouver Apartments average price melted under the flame rising from December 2011’s $443,808 to February 2012’s $455.689.

Vancouver Real Estate Average Prices:

Detached Attached Apartment
February 12 – $1,235,244 February 12 – $558,548 February 12 – $455,689
February 11 – $1,173,395 February 11 – $573,534 February 11 – $444,862
February 10 – $963,191 February 10 – $550,873 February 10 – $432,964

Vancouver Real Estate Inventory – Active Listings

Detached Attached Apartment
February 12 – 5,791
+ 21%
February 12 – 2,127
+ 10%
February 12 – 6,137
+ 17%
February 11 – 4,769 February 11 – 1,931 February 11 – 5,225

Vancouver Real Estate – Units Sold

Detached Attached Apartment
February 12 – 1,051
-25%
February 12 – 401
-17%
February 12 – 954
-20%
February 11 – 1,406 February 11 – 489 February 11 – 1,206

*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:

Tell Us Says:
March 1st, 2012 at 7:45 am

Larry is there truth to these big dollar sales?

the avg prices this month for detached are going to look like massive increases. This is all because sales of very high priced houses this month and does not indicate the market has moved.

Cheers

BubbleBoy Says:
March 1st, 2012 at 7:48 am

How many 10 million dollar homes were sold? Volumes of sales are down and listings up. This will be on the news to pump up some new buyers.

Lou Says:
March 1st, 2012 at 8:54 am

Looking at active listings vs unit sold – we are about to see the bubble pop and soon my friends!!! Those are some staggering stats.

BubbleBoy Says:
March 1st, 2012 at 9:06 am

Larry,

I hope you really understand these numbers. It’s simple math. Lower number of sales with a couple of higher end sales, will easily edge the avg higher. A median price or benchmark is a clearer picture. Are prices dropping fast? NO! Are we trending towards a downturn? More likely for Van west and for attached properties. I still think inventories in Van east are at a balanced level. Hot spots for Van east are around the Main and Fraser areas especially for heritage style homes. The burbs are where you would want to really look at here. With 75% of the population of the lower mainland, this is what will make up most of the market. Keep an eye on soaring MOI in these areas. Prices are not a clear indicator of a market at this point.

Good Luck,

patient renter Says:
March 1st, 2012 at 9:17 am

Great news! Listings up by over 20% and sales down by 25%. Stick a fork in it, this market is done.

March 1st, 2012 at 9:29 am

@bubbles

“I hope you really understand these numbers”

I’ve been waiting – salvation is at hand, for now I know that I can always turn to you for clarity. 🙁

vanpro Says:
March 1st, 2012 at 9:36 am

Avg. detached price hits new high, yet sales plunge 25% and unsold inventory jumps 21% compared to same month last year. Does that foretell that these prices are not sustainable?

Gandalf Says:
March 1st, 2012 at 11:01 am

Are these numbers spliced to the new home price index? If so that may cause a distortion in the index?

what about the median prices? Is there any data for that series. It is probably more meaningful. with little volume it only takes a couple of high end transactions to skew the data?

m vancouver Says:
March 1st, 2012 at 12:28 pm

Let’s wait for the Teranet index, it will tell a very different story…

When only the higher segment of the market is moving, this can be a sign the tide is changing.

Rob Says:
March 1st, 2012 at 12:52 pm

Wow look at those huge gains in attached and apartments. Unreal gains! A huge 20,000 in the apartment since 2010 and a massive gain of 8,000 in town homes. But you’ll never see that spun on any real estae news. Just the same old get in or be priced out forever.

March 1st, 2012 at 2:32 pm

@m vancouver et al

“Let’s wait for the Teranet index, it will tell a very different story…”

there’s always hope for those who keep the faith

Lou Says:
March 1st, 2012 at 4:49 pm

Don’t keep the faith people! Sell now and if you don’t own for goodness sake – don’t buy!!! This is happening even before the federal budget comes out that is sure to tighten mortgage rules – which WILL impact the market significantly.

Thank god I rent.

March 1st, 2012 at 4:59 pm

@lou
“Sell now and if you don’t own for goodness sake – don’t buy!!!”

– begs the question who has got their hand on the pump handle? 🙂

Rob Says:
March 1st, 2012 at 5:48 pm

Thanks for info. Gotta love the passion for real estate.

March 1st, 2012 at 5:54 pm

@Rob

“Gotta love the passion for real estate.”

– the thought collective is staggering 🙂

Mr T Says:
March 1st, 2012 at 7:46 pm

Larry,

Are you pumping it again? Let’s hear it from our REALTORS® friend. Ian Watt the biggest pumper has already admitted that he thinks prices are falling this year. C’mon man, let’s hear your word.

March 1st, 2012 at 7:52 pm

@Mr T
“Are you pumping it again?”

– methinks there are enough brass bands playing!

blueskies Says:
March 2nd, 2012 at 3:29 am

is it now a good time to buy?

market looks shaky to me
everything seems to hinge on
buyers with suitcases of cash

that does not seem sustainable to me

are we going to see a wave of North Korean buyers
given the new openness with the west?

March 2nd, 2012 at 7:12 am

@blueskies

lot of clouds in your “blue sky”

vangrl Says:
March 2nd, 2012 at 8:54 am

does “deleted” mean sold in the IDX ?

or sold and delisted?

thanks

March 2nd, 2012 at 12:22 pm

@vangrl

To be clear the IDX is primarily a methodology of delivering active listings for the purpose of public display such as in YatterMatters’ “Find Your Home”. Compared to the MLS it delivers approximately 93% to 97% of the total number of listings on the MLS. The reason for this is the ability of brokers to opt out of the system or put another way, they have selected to keep their listings out of the public eye. Brokers in Whistler are the most obvious target but there are also some big name players in the city who opt out as well.

Don’t ask me why! It seems obtuse that anyone would hire a Realtor who would choose to not ‘expose’ their property to as many people as possible but life is full of choices and I must accept that it is what it is.

In response to your question: Yes you can interpret it that way. (See the post for itemized clarification)

The numbers are from this viewpoint a little loose however, in the overall scheme of things they do provide a ‘general’ automated overview of daily market activity. As such, my wish is that the Dailies will provide a ‘fill in’ for those days I am not able to manually attend to the ‘Hot Sheet’ numbers which though more fluid, are also more accurate at the time they are posted.

L8erDude Says:
March 2nd, 2012 at 8:33 pm

“How many 10 million dollar homes were sold? Volumes of sales are down and listings up. This will be on the news to pump up some new buyers”.

I love it.
When Vancouver avg price goes down it’s proof the market is crashing…when it goes up it’s because of a few high dollar sales skewing the numbers.

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