Three Arrows Down – Vancouver Average Prices
Posted August 1st, 2012 in Real Estate, Statistics | 
Empty Quiver
Vancouver Average Residential Real Estate’s prices have declined in every segment. With three arrows down is Vancouver’s real estate market left with an empty quiver?
Average Price 1977 – 2012
Detached
Vancouver’s detached average home prices have now traveled back in time to November/December of 2010. February 2012′s all time high of $1,235,244 dropped $193,919 to reach July 2012′s average price total $1,041,325.
Detached Active listings continue to pile up like broken arrows as they reached an all time high of 7,973 units. With sales down 28% YOY few home for sale arrows reached their target.
Attached
At an average price of $538,297 in July, Vancouver’s attached market segment fell short by $28,013 from June 2012′s price of $566,310.
Apartment
July 2012′s average apartment price of $406,366 now challenges prices last seen in July ($400,823) and September ($409,068) of 2009.
Vancouver Real Estate Average Prices:
| Detached | Attached | Apartment |
| July 12 – $1,041,325 | July 12 – $538,297 | July 12 – $406,366 |
| July 11 – $1,133,357 | July 11 – $569,042 | July 11 – $450,366 |
| July 10 – $941,275 | July 10 – $529,253 | July 10 – $443,100 |
Vancouver Real Estate Inventory – Active Listings
| Detached | Attached | Apartment |
| July 12 – 7,973
+ 24%
|
July 12 – 2,665
+ 10%
|
July 12 – 7,443
+ 15%
|
| July 11 – 6,396 | July 11 – 2,401 | July 11 – 6,429 |
Vancouver Real Estate – Units Sold
| Detached | Attached | Apartment |
| July 12 – 790
-28%
|
July 12 – 384
-11%
|
July 12 – 927
-10%
|
| July 11 – 1,101 | July 11 – 432 | July 11 – 1,040 |
*Percent = YOY
Thanks Larry for the graph. It is interesting how poorly condos have fared since 2008. People seem to figure that the housing market is HOT so I’m going to buy a Condo. Really it has been the detached housing market that has been hot and considering this months drop off in condo prices, condos will not have been a great investment over the last 5 years.
thanks for the stats Larry!
I love this graph, I love the way it goes down. Last year, my friend was asking me what to do with her house in Van West, I said sell it, she said the market will keep going up. I gave her all the reasons behind it, and now I was at a BBQ on the weekend, and my friend said to me, “You were right, the market is going down.” Finally, someone believes me!!!
@900K
“condos will not have been a great investment over the last 5 years”
True from that perspective. However, I suspect others would say they enjoyed their home.
Using lines to match up prices, SFH are at Nov 2010, Attached matches up with Dec 2010 AND Feb or March 2010, and apartments match up with Oct 2009. Not sure what kind of conclusions to draw, honestly.
Thanks as ever for keeping us informed
@finally
“I love this graph, I love the way it goes down”
Vindication! – the beauty of a tennis racket is that the ball doesn’t care how it gets whacked.
Quoting yattermatters: “True from that perspective. However, I suspect others would say they enjoyed their home.”
But, had they been renting that condo instead the last five years, they would have paid a fraction of what they did by “owning” it. Over five years, the difference–could be into the six figures, and that’s not including the opportunity cost of the down payment.
“True from that perspective. However, I suspect others would say they enjoyed their home.”
It’s because they don’t know that the market has declined. It’s different here remember? And how the heck do you enjoy living in a shoebox?
@one and @Bubbles
It remains interesting that your perspectives do not provide for alternate views.
@one – maybe not everybody cares about six figures
@bubbles – 35 floors up with a fabulous view might be considered a great shoebox
“…the ball doesn’t care how it gets whacked.”
Well, the PEOPLE who get whacked will sure as hell care. They will be out to blame SOMEBODY.
But hey! Don’t blame ME!
I think the Spin Doctor is gonna have to call in sick on this one. The only spin is the downwards spiral…seems to be gaining velocity!
Thanks for your info!
Thanks for these. I always eagerly await the 1st of the month knowing you will post the numbers.
@boom
“They will be out to blame SOMEBODY”
Of course it’s always somebody else’s fault. Is there a ‘they made me do it’ that goes with that?
@tellme
‘only spin is the downwards spiral’
According to historical comment spin averages are skewed.
So what? Vancouver prices are still over $1M.
Word is there will be another wave of offshore buyers from Mainland China coming in Sep-Oct. Right now they are too concerned with the stellar performance of their athletes at the olympic games, this downturn will be short lived.
@larry
Thanks Larry. I’ll say it again, it’s only the EXPERIENCED realtors in the Lower Mainland that can publish such miserable numbers and talk about the market in an honest way. The not so experienced ones are out looking for part time jobs so they can pay the monthly “desk fees” to their broker.
Thanks again, I look forward to the August numbers from you. As a wise man once said, once a price down-trend is established, it takes a lot of buying to reverse the trend to the upside.
Larry, with your experience in the business, where do you think the Vancouver average price for an SFH will end up? Are we headed to the long term average average of SFH prices or do you think we’ll over-correct to the downside and then settle to the long-term average?
@CBM
not so sure about the offshore buyers. Conversation with immigration lawyer proffered contrary opinion claiming entry rules have changed.
@lookoutbelow
kind words but I’m just comfortable in my skin.
“where do you think the Vancouver average price for an SFH will end up?”
I think we’ll get by – HINT: see tomorrow’s post.
Do you mass e mail these charts /info out to your fellow realtors? You should because many seem to have different stories based on what i do not know?
Perhaps fear.
@CBM
There has been a large increase in the Chinese money going into the States, way more bang for your buck. Surfing USA. Also China is in the midst of a slowdown. I’m currently living/renting in a 1.5 ml Chinese speculators house, no can sell, the house has now lost at least 400k and falling, the owner is screwed.
California, way better deals,or perhaps Spain or Southern France, or Uruguay,or…..
Vancouver is way over priced, bottom line.