Will Vancouver Real Estate Survive?
Posted August 2nd, 2012 in Real Estate, Statistics | 
Touch of Grey
It is the nature of every market that there be ups and downs – for each there are champions.
History has shown that the Vancouver real estate market has experienced highs and lows to various degree yet managed to “get by”.
For those championing the spin of each up and down served as reference are these words from the Grateful Dead to help them “get by”….
“Sorry that you feel that way, the only thing there is to say is… Every silver lining’s got a touch of grey.”
Grey
Yesterday’s average price graph would suggest that some Vancouver home owners may find their silver lining has in fact turned to grey. Yet Vancouver’s West side may only be experiencing a ‘touch up’ as opposed to a full rinse.
West Side Elements
The number of units listed continues to recede from January 2012′s high of 476 units to now stand at 265. This total is less than the totals in 10 of 12 months in 2011.
It might seem a disaster that only 83 Vancouver West homes sold in July 2012, yet by way of comparison to monthly totals in 2008 it seems like a solid month.
Average prices in the Vancouver west market have certainly dropped relative to the all time high of $2,646,953 to July’s $2,397,045 but again it is nothing the Vancouver West market hasn’t experienced before. The drop between October 2008 and January 09 was greater – a darker grey.
| Vancouver Market 2008/09 | July 08 | August 08 | September 08 | October 08 | November 08 | December 08 | January 09 |
|---|---|---|---|---|---|---|---|
| Active Listings | 996 | 915 | 1053 | 1014 | 949 | 756 | 694 |
| Sold | 88 | 46 | 46 | 52 | 25 | 56 | 46 |
| Average Price | 1,569,417 | 1,665,714 | 1,538,982 | 1,741,161 | 1,493,700 | 1,680,594 | 1,294,341 |
Getting By
There could be worse things than the Vancouver Real Estate market taking a dip.
It is suspect that few will admit that “the rent is in arrears, the dog has not been fed in years” and perhaps, “it’s even worse than it appears but,” a guess is that even with all that they will still tell you “it’s all right.”
While this LAPS graph of Vancouver’s west side market may not be indicative of the entire market it is suspect that west side home owners and sellers may also think “it is all right” and if it isn’t, can we doubt that they will “get by.”
Ultimately, though the ups and downs grey our view of the Vancouver Real estate market the silver lining we look for exists in market history and confirms that “we will survive.”
Lyrics Quoted/Video CourtesyThe Grateful Dead
Yes we will all survive. It’s not the end of the world. It’s just not going to be fun for a handful of us. It’s not like the Americans are all dead. Their lives just really suck. We could all prepare for this, but most will be stubborn and get stuck.
So yes! We will not all die. It will just be a generation of depression!