Vancouver Average Price Measures Twice

Reversed Fortunes

Last month it was the Vancouver Apartment average price that set an all time high to win gold. Glory is short lived. This month Vancouver’s residential detached regained its top spot on the podium.

Average Price 1977 – 2013

2013 08 01 Average Price

Detached

The average price of Detached homes in Vancouver took a leap beyond last months 2013 low of $1,116,102 settling in at $1,144,952.

Attached

Vancouver’s attached average price continued to drop from May’s $574,881 – the 2013 high. July recording and average price of $547,979 – short of June’s $570,142.

Apartment

Apartment average suffered as its price dropped from an all time high of $487,515 down to July’s $441,690.

Vancouver Real Estate Average Prices:

Detached Attached Apartment
July 13 – $1,144,952 July 13 – $547,979 July 13 – $441,690
July 12 – $1,041,325 July 12 – $538,297 July 12 – $406,366
July 11 – $1,133,357 July 11 – $569,042 July 11 – $450,527

Vancouver Real Estate Inventory – Active Listings

Detached Attached Apartment
July 13 – 7,550
– 5%
July 13 – 2,578
– 3%
July 13 – 6,490
– 12%
July 12 – 7,937 July 12 – 2,665 July 12 – 7,443

Vancouver Real Estate – Units Sold

Detached Attached Apartment
July 13 – 1,259
+ 59%
July 13 – 487
+ 26%
July 13 – 1,210
+ 30%
July 12 – 790 July 12 – 384 July 12 – 927

Twist

Measure Tape Ben Falcifer Flickr

Average prices at this point in time have remained relatively steady during the 2013 year. There have been fluctuations during each month but they have generally been minor.

What appears this July is a huge contrast to last year’s sales numbers. Sales appear to be on fire.

Coffee conversations suggest that the impact of the changes in lending practices has in part shaken buyer confidence. It seems that a large a number of buyers will engage in the purchasing process and spend hour upon hour seriously looking at homes to purchase. The twist to this process appears in a short time as they disengage. Instead they decide to stand at the station and wait to see the market outcome.

Why the change in commitment? It may be that the influence of changed lending practices has taken hold? This seems unlikely for according to my colleagues many will make offers and then abruptly withdraw.

A kinder way to explain this odd reversal is one where they are heeding the carpenter’s guiding message. It is nice to think that these buyers are measuring twice before they make the cut.

*Percent = YOY

Photo Credit: Flickr Ben Falcifer

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.

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*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:

PurrPurrJones Says:
August 1st, 2013 at 2:01 pm
August 1st, 2013 at 3:10 pm

@purrpurrJones

I think I missed the part where a viable action plan to resolve the stated issues is proposed.
On second reading I realize I didn’t – disappointing when you consider the brain trust in that organization.
This leaves me to conclude that this is yet another rant about how the shit is going to hit the fan and that it will all be the real estate industry’s fault.
Show me solutions and you’ll get my attention.
Sending me another one of these is a spam subscription to Turner’s Tirades.

PurrPurrjones Says:
August 1st, 2013 at 9:11 pm

Hi Larry,

“Canso Investment Counsel Ltd. (Canso) is an independent firm wholly owned by its employees. It was founded in June 1997 as a corporate bond specialty manager. Since that time Canso has added several institutional, pension plan and foundation clients as well as a number of private clients and total assets under management has grown to $1.9 billion”

They seem legit to me?

ps “Show me solutions and you’ll get my attention”. How did we get here in the first place?

August 1st, 2013 at 9:37 pm

@purrpurr
“How did we get here in the first place?”

Unless you’ve been hiding under a rock it was evident some time ago.
Now we need these bright well trained individuals to build a road that changes the direction in which they believe is the right course for Canadians.

Since they would have to start somewhere why not pick the top – it’s easy to find. Why don’t they adjust the ‘value factor’ of company presidents CEO’s and others who justify hefty their bonuses and golden parachutes. Any thinking individual would conclude those payouts are absurd in relative terms.

With due respect, I don’t think the boys and girls at Canso would dare comment on that in public as I suspect a majority of their ‘golden parachute’ clients would flee.

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