Vancouver Real Estate is Different
Posted May 15th, 2012 in Real Estate, Sharing the Experience | 
One Word
Different!
Location, Location, Location
Anyone who has ever thought about Vancouver real estate knows that location counts. The location will determine a very different outcome when you decide to sell and you may well ask how different can it be?
Below are two examples of such a difference in results in what many consider a slow market. The word ‘prime’ comes to mind but let the numbers speak loud and clear in telling you that the location of your Vancouver property will predetermine just how ‘slow’ a market it is.
Differences
Kitsilano
Kitsilano Sales
| April 2010 | April 2011 | April 2012 | |
| Detached | 19
|
18
– 5.3%
|
26
+ 44.4%
|
| Attached | 25
|
26
+ 4.3%
|
18
– 30.8%
|
| Apartment | 64 | 45
– 29.7%
|
30
– 33.3%
|
Marpole
Marpole Sales
| April 2010 | April 2011 | April 2012 | |
| Detached | 12
|
17
+ 41.7%
|
3
– 82.4%
|
| Attached | 4
|
6
+ 50.0%
|
3
– 50.0%
|
| Apartment | 6
|
6
– 0.0%
|
7
+ 16.7%
|
Thoughts
With sales of plus 44% and minus 82% – when buying into a Vancouver neighbourhood be certain you understand the difference!
too bad I’m not trying to sell a detached home in kits
Larry, thanks for the post. Pockets of strength. Any coffee talk updates?
Unusual about Marpole, thanks Larry. Kits is definitely hot right now, time to buy is now – I can only imagine how much a home there will cost in August.
Osfi about to make rule changes to refinancing and LOC loans. Half the people on this city will lose their homes if those new lending rules are implemented. The other half will lose half their equity in their homes. And oh ya, interest rates will creep up starting this year. How can one see a rosy picture in real estate for the coming years? Larry and his homeboys (Muir, Pastrick, Yu etc) are about to be surprised!
@jim
such negativity!
NIce Post Larry!
Have a nice summer!
@tell me
Ditto
Hi Larry and company,
Just wondering if you follow any of the changes around the new Evergreen Line. I live in a detached home in Port Moody near where the Ioco station is going in (less that 400 meters). The city is updating the Official Community Plan with an eye to increasing density around the stations. I have not seen any blogs that follow these developments but I would like to get an idea of what some of the changes might be. For example, would they be looking at rezoning detached into duplex of town homes. Or perhaps they might allow lane homes. Anyway, I’d appreciate your thoughts and thanks for providing the forum.
Negativity? Oh of course. The market is correcting. How could I make anything positive out of this?
@Brian
I’m not much help. Your area is well beyond where I normally work. The only suggestion I could offer you is to look and see what has happened to other areas where the train has gone. I think you will find that stations usually attract higher density.
If a gentle reader here can share some thoughts on this topic with Brian have at it.
@Jim
But Jim there is always a bright side of the road. Cheer up.
http://youtu.be/xqtAkvVCI-8
Brian – there is usually an OCP draft on the web-site as it has to go trough the open houses and multiple council meetings, look for it. On the Richmond’s example, the area around the stations is zoned now for the high-rises in at least about 500 m zone.
Thanks Larry and Olga.
For Port Moody the draft OCP is due in September so right now they are just talking about it. It looks like Coquitlam is further ahead in planning with many of the homes along Clark Rd already cleared out.
Anyway, it could be an interesting time around Port Moody and we may see a nice re-fresh along St. Johns St and the waterfront area.
At some point, your sample sizes get too small to be statistically meaningful. I’m not saying you’re wrong about the relative strengths about these neighbourhoods right now.
@Ralph Cramdown
Agreed. Stats are way too small and volatile. Larry, you might want to look at year-to-date figures for a more accurate comparison.
@Watchdog
with respect these graphs are accurate within the terms of reference.