New Record for Vancouver

New Record Price

Vancouver’s detached average price sets a new record high while attached and apartment prices decline.

Average Price 1977 – 2013

2013 12 01 Average Price

Detached

Vancouver’s Detached homes average price in November reached an all time high as November 2013 registered $1,259,775. The previous record was set in May 2011 when the average price recorded was $1,223,421.

Compared to the same period last year, the number of detached homes sold were 47% higher – up from 635 to 934. Inventory dropped by 9%, down from 6,775 to 6,103.

House Picture Prices Rising

Attached

Although the Attached average price continued to decline from 2013’s high of $608,825 recorded in September to November’s $550,184 it is on par with the average price of $545,658 recorded last year during this period. Year over year sales continue to be strong. Up from last year’s 307 this November recorded 426 units sold – a 38% increase. Inventory is down from 2,459 units to 2,057 reflecting a 16% decline from November of last year.

Apartment

November’s Apartment average price of $430,795 dropped from October’s $437,303 but remained slightly above $428,825 recorded in November 2012. Sales were up 29% compared to November 2012 while YOY inventory dropped 9% from 6,455 to 5,826.

Vancouver Real Estate Average Prices:

Detached Attached Apartment
November 13 – $1,259,775 November 13 – $550,184 November 13 – $430,795
November 12 – $1,053,902 November 12 – $545,658 November 12 – $429,371
November 11 – $1,134,936 November 11 – $565,168 November 11 – $431,808

Vancouver Real Estate Inventory – Active Listings

Detached Attached Apartment
November 13 – 6,103
– 09%
November 13 – 2,057
– 16%
November 13 – 5,826
– 09%
November 12 – 6,775 November 12 – 2,459 November 12 – 6,445

Vancouver Real Estate – Units Sold

Detached Attached Apartment
November 13 – 934
+ 47%
November 13 – 426
+ 38%
November 13 – 969
+ 29%
November 12 – 635 November 12 – 307 November 12 – 750

Less Equal

Not-equal-symbol

It’s not a surprise to see Vancouver’s detached home prices reach a new record high. Casual observation suggests continued increases may be the standard for the single family homes. While we all wish to own property in the ‘best’ parts of the city, the limitation of available land precludes this notion. It seems inevitable that ownership of a single family homes in Vancouver will continue to be ever more precious.

Dreams don’t always come true. Visions where everyone should own a detached home on a plot of land in Vancouver is a different reality. Ever increasing prices for detached properties re-confirm that Vancouver is not egalitarian.

*Percent = YOY

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.

When Life Moves You - contact Larry:

*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:

Sam Says:
December 2nd, 2013 at 11:28 am

Would expect apartments & attached to move up with detached. I bought an investment condo thinking that when the market rose, everything went up. Turns out my investment is barely moving. Wished I had bought the detached, but the annual returns (not accounting for capital gain) were just not there when I crunched the numbers.

SeeSaw Says:
December 2nd, 2013 at 7:58 pm

Only one way to go from this new high, curious Larry, were there any big $ sales to up the average?

December 2nd, 2013 at 9:02 pm

@seesaw
“only one way to go” – an age old refrain that for the past years has been proven wrong time and again.

Pete Says:
December 2nd, 2013 at 10:19 pm

You can thank the central bankers’ zero interest rate policy for distorting the credit and mortgage markets, and for juicing up prices across Canada.

December 2nd, 2013 at 10:39 pm

@Pete

have you looked at Alberta lately. They are having a RE rush even with the ‘clamp down’. How do you explain that?

Johhny Says:
December 3rd, 2013 at 8:27 am

@ Pete – Well said. Could not happen without the all the Gov intervention.

Record debt levels / record house prices / “emergency” interest rates = record drop in house prices.

James Says:
December 3rd, 2013 at 10:59 am

A well managed Global Equity Fund would massively outperform Vancouver Real Estate on a 1Y, 5Y and 10Y time horizon (and the transaction costs are lower, and the liquidity is higher)

Reasonfirst Says:
December 3rd, 2013 at 2:12 pm

It is often difficult to determine if average or median price fluctuations really reflect changes in buyers’ willingness to pay for certain housing attributes, or just changes in the volume of very expensive or inexpensive home sales from one time period to the next.

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