It’s Cold Outside for Vancouver Real Estate
Posted May 1st, 2012 in Real Estate, Statistics | 
Baby It’s Cold Outside
Nobody really wants to leave the warmth and enticement of a hot date with a real estate market on the rise.
Much like Dean Martin’s singing about every possible reason why his hot date should not leave so to must many Vancouver home sellers.
Average Price 1977 – 2012
Detached
Vancouver home prices have in some pockets of the city some homes continued their headlong rush skyward but they are few and have not provided reason sufficient to block the door from a chilling market.
Following March’s drop to $1,155,521 from February’s all time high of $1,235,244 Hopes that the hot date might change her mind in April were dashed as the drop continued to $1,106,683.
Attached
Nobody really wants to be out in the cold yet, like detached homes, the attached segment also saw the average price drop in April to $580,733.
Apartment
Vancouver Apartments average price provided a small glimmer as average prices rose from March’s $444,993 to April’s $445,458.
Vancouver Real Estate Average Prices:
| Detached | Attached | Apartment |
| April 12 – $1,106,683 | April 12 – $580,733 | April 12 – $445,458 |
| 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 |
Vancouver Real Estate Inventory – Active Listings
| Detached | Attached | Apartment |
| April 12 – 6,858
+ 15%
|
April 12 – 2,543
+ 15%
|
April 12 – 7,137
+ 18%
|
| April 11 – 5,944 | April 11 – 2,208 | April 11 – 6,035 |
Vancouver Real Estate – Units Sold
| Detached | Attached | Apartment |
| April 12 – 1,131
-19%
|
April 12 – 483
-22%
|
April 12 – 1,190
0%
|
| April 11 – 1,408 | April 11 – 622 | April 11 – 1,201 |
*Percent = YOY
That’s a lot of information! But when you look at all the data from 1977 real estate is still a great investment. We keep hearing that over and over again – but it’s true!
Wow! SFH price down nearly 10.5% from Feb/12 peak and down 8.1% YoY!!
So, some people out there have lost $100k on their Detached SFHs from last year. Hope that they weren’t a part of the 5% down crowd.
Hi Larry,
Thanks for the numbers as always.
Would you please clarify that this statement is an error – “Vancouver Apartments average price provided a small glimmer as average prices rose from March’s $444,993 to April’s $454,458.”
Both charts show $445,458.
@meth
Happy finger typo. Thanks for the editing – appreciated.
Larry, thanks for the report. I am on a buyer’s side so I would disagree that “Nobody really wants to leave the warmth and enticement of a hot date with a real estate market on the rise.” – if the market won’t scale back into affordable territory for the domestic buyer, the local kids will have to go elsewhere to raise their family…
But I have to comment that Average price drop might just indicate that less expensive homes were sold in April (i.e. changed the break down inside of the Sold not the actual price). I think that Median Price drop would be more indicative of the actual price drop? Am I right?
@Dena, I’d like to see that comparison in adjusted real dollars…
I am not sure real estate is a great investment right now (well, where I am I *know* it’s not). I can rent a single family home or I can buy. No matter how I twist the numbers in favor of buying the rental option leaves me with FAR more money at the end of the day (In my market I am up 250K after FOUR years of renting vs. buying).
Hoping the market continues to decline as I would love to have a family home sometime before I am 40. I can take a bit of a hit, but I can’t justify throwing hundreds of thousands away just so I can have four walls and a roof to call my very own.
Thanks for the stats Larry.
@olga
re: average not indicative…
it’s one of many markers on the road
Dena, prices could crash 50% and you could still say that. I remember buying Mars Bars for 20 cents back in the 70s.
And this is in the heat of the “spring market”. YIKES!!!
@Larry “re: average not indicative…”
Perhaps not, but y/y volume is:
Detached -26.2% y/y volume
12-Apr $1,106,683 x 1,131 = $1,251,658,473 vol.
11-Apr $1,204,587 x 1,408 = $1,696,058,496 vol.
Attached -21.3% y/y volume
12-Apr $580,733 x 483 = $280,494,039 vol.
11-Apr $573,318 x 622 = $356,603,796 vol.
Apartment -8.7% y/y volume
12-Apr $445,458 x 1,190 = $530,095,020 vol.
11-Apr $483,424 x1,201 = $580,592,224 vol.
@watchdog
That will make Olga feel better
@Dena
What benchmark are you comparing an investment in housing (since 1977) to?
The performance of real estate (as with anything) is relative…
Hi Larry
Can you clarify how the REBGV reports the HPI? For van West and Van East it both appears the HPI has gone up in almost all categories, yet here it seems pricing is dropping.
I have no clue how the two are related – pls forgive the ignorance – I have not looked into it until now.
Thanks!
@anon
I think I responded to this back in Jan. Having a moment remembering which post it was. I know there is a pdf floating around with the complete details which will answer your questions. Short on time right now so…..
Update: Ha! found it. if your email is correct I will forward otherwise send me a DM and I will send this along.
love deano! did you know he had 3 wives and 8 kits! too bad none of them got his warm voice!