Vancouver Average Price at Full Gallop

Fast and High

Last month Demographia’s Housing Affordability survey told us that Vancouver was the second most expensive place to buy a home. In its desire to maintain its self proclaimed ‘world class’ status, Vancouver’s single family home prices started 2014 by surpassing all previous single family home average price records.

Average Price 1977 – 2013

2014 02 01 Average Price

Full Gallop

2014 is year of the horse,Chinese calligraphy. word for "horse"

Vancouver’s new Detached home average price is $1,287,213 – up from December 2013’s record of $1,276,073.

If you are a follower of the Chinese Lunar New Year predictions then you know that 2014 is the Year of the Horse. Perhaps therein lies the reason for this new record?

Regardless, one thing is certain! Vancouver’s real estate prices appear to be running at full gallop.

Compared to January 2013:

  • Average Price is up 11%.
  • Active Listings are down 4% and
  • Unit Sales are up 33%

Attached

Attached average price dropped to $548,028 – down from December’s $558,290.

Apartment

December 2013’s Apartment average price was $427,066. Apartment prices rose to an average of $446,472 in January.

Vancouver Real Estate Average Prices:

Detached Attached Apartment
January 14 – $1,287,213 January 14 – $548,028 January 14 – $446,472
January 13 – $1,152,851 January 13 – $570,910 January 13 – $441,667
January 12 – $1,145,956 January 12 – $552,696 January 12 – $439,566

Vancouver Real Estate Inventory – Active Listings

Detached Attached Apartment
January 14 – 5,444
– 04%
January 14 – 1,809
– 13%
January 14 – 5,349
– 01%
January 13 – 5,723 January 13 – 2,096 January 13 – 5,427

Vancouver Real Estate – Units Sold

Detached Attached Apartment
January 14 – 729
+ 33%
January 14 – 279
+ 19%
January 14 – 753
+ 30%
January 13 – 546 January 13 – 233 January 13 – 576

*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:

Beard of Bees Says:
February 1st, 2014 at 11:07 am

Thanks Larry! Is there an typo here?

“Attached average price dropped to $558,290 – down from December’s $558,290.”

February 1st, 2014 at 11:28 am

@BofB

thanks for noticing and appreciate the heads up. corrected.

Finally Says:
February 1st, 2014 at 11:33 pm

Looks like we’re at the peak, just before the big drop that’s coming. Looking forward to the crash.

February 2nd, 2014 at 8:30 am

@finally
and on the other hand you are not sitting at an open house where 29 out of 30 guests never utter a word in either of our official languages and only see opportunity

gordon dobson Says:
February 2nd, 2014 at 5:32 pm

And I guess we all know what the language is they are speaking don’t we. It’s too bad Garth Turner can’t accept the influence that this group has on Vancouver real estate prices and that fundamentals e.g. price to income and price to rent aren’t always the drivers of real estate prices when the money is coming from offshore.

February 2nd, 2014 at 5:58 pm

@gordon
RE: fundamentals
in some places our fundamentals are irrelevant. You can decide if that idea applies to Mr. Turner.

Brad Says:
February 3rd, 2014 at 9:53 am

“and on the other hand you are not sitting at an open house where 29 out of 30 guests never utter a word in either of our official languages and only see opportunity” – “Opportunity” to hide dirty money – sounds like a great community in the making.

February 3rd, 2014 at 10:26 am

@brad
to be fair: there are a number of ‘good’ Canadians who do the same.

Shazy Says:
February 3rd, 2014 at 10:35 am

“Opportunity” to hide dirty money – sounds like a great community in the making.”

The reality is there are 100,000s of Chinese people who bought up multiple condos in China over the last 10 years and are now selling them.

Divesting 3 well placed condos in a first tier city like Beijing will buy an entire house in Vancouver.

As I’m sure this is happening continuously, how is that “dirty” money?

SeeSaw Says:
February 3rd, 2014 at 5:55 pm

Many Asians are headed back to Asia, I see it daily… Don’t forget some will come some will go, at the end of the day, prices will adjust downwards here. I promise you that for free;-)

Shazy Says:
February 4th, 2014 at 7:56 am

Check out the air quality pollution index. Scroll over delhi or Beijing. – aqicn.org

Now tell me, WHY are they going back?

They came here for the same reason I did, as its a step in the right direction.

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