Vancouver’s October Average Prices Stumble

Month of The Dead

Last night was Halloween – an evening where all things scary seem possible. An evening where Vancouverites use the “most powerful weapon in the human arsenal, the power of humor and ridicule to confront the power of death.”1

Market ghouls might presume October’s Halloween numbers a treat – an impending death of Vancouver’s real estate market. Vancouver’s trick – robust sales that counter the presumption.

Average Price 1977 – 2014

2014-11-01-Average-Price-Web
Ghoul-YatterMatters

October Highlights

  • Detached price – Down
  • Attached price – Down
  • Apartment price – Down
  • Sales YOY – Up

Vancouver Real Estate Average Numbers

Detached Attached Apartment
October 2014 – $1,250,557 October 2014 – $590,979 October 2014 – $468,091
October 2013 – $1,222,608 October 2013 – $561,448 October 2013 – $437,303
October 2012 – $1,116,108 October 2012 – $583,376 October 2012 – $429,371

Vancouver Real Estate Inventory – Active Listings

Detached Attached Apartment
October 2014 – 5,713
– 15%
October 2014 – 1,965
– 15%
October 2014 – 6,173
0%
October 2013 – 6,797 October 2013 – 2,328 October 2013 – 6,132

Vancouver Real Estate – Units Sold

Detached Attached Apartment
October 2014 – 1,275
+ 19%
October 2014 – 518
+ 4%
October 2014 – 1,269
+ 15%
October 2013 – 1,069 October 2013 – 497 October 2013 – 1,098
*Percent = YOY 1. Portaro, Sam (25 January 1998). A Companion to the Lesser Feasts and Fasts. Cowley Publications.

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:

My 2 Bits Says:
November 1st, 2014 at 9:51 pm

Here’s my take, sales are up, inventory is low, yet prices have peaked, with so much so called demand and few listings shouldn’t prices be skyrocketing? Or has Vancity RE met fate of the Virgin rocket?

November 1st, 2014 at 10:52 pm

@my 2 bits
re: Virgin. news reports I read called it an anomaly.

Pete Says:
November 2nd, 2014 at 2:44 am

Thanks for sharing the stats, Larry. But are these October prices down year over year from Oct. 2013 or is the price down from previous month (Sept. 2014)? The average numbers table is not clear. For example, October 14 (presumably Oct. 2014) is $1,250,557 compared to October 13 of $1,222,608 (presumably October 2013). So how is the October 2014 price of $1,250,557 down from previous Octobers?

KAC Says:
November 2nd, 2014 at 12:07 pm

I think the length and size of our spluttering bull market and its massive detachment from historic fundamentals is a much bigger anomaly.

Purjones Says:
November 2nd, 2014 at 12:55 pm

Let’s hope this is the beginning of a nice orderly correction in Van RE.

November 2nd, 2014 at 2:16 pm

@pete,
the graph is the monthly change. the tables are YOY

Oracle Says:
November 2nd, 2014 at 8:43 pm

Thanks for the super timely stats Larry.

It does look like this super bill market is getting a bit tired (hard to think that it’s not quite long jn the tooth at this stage).

Look forward to any coffee talk updates.

Thanks again.

Finally Says:
November 3rd, 2014 at 3:21 pm

If you were a betting man, when do you think average prices will go back to the under 800k level like it did in 2009?

November 3rd, 2014 at 8:47 pm

@Finally,
Average detached prices were under $800K Jan-Apr 2007 again in Sept and Nov 2008. The last time it was under $800K was Jan – Mar 2009. Much has changed since then and so I’m keeping my money in my TFSA. How about you?

Oracle Says:
November 4th, 2014 at 5:29 pm

Hi Larry,

Any sense of market direction over the coming months?

I find it interesting that with product flying off the shelf, in terms of sales volumes, yet prices are skipping.

Do you see further weakness in pricing going forward?

Thanks again.

November 10th, 2014 at 6:22 pm

@Oracle
Busy

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