Vancouver Average Price Thunder

Thunder

You may have heard – homes in Vancouver are so expensive that you want to muffle your ears to stop the buzz!

A wise precaution as this month’s review of Average Prices in Vancouver enter statistical history with a clap of thunder.

Average Price 1977 – 2014

2015-04-01-Average-Price

Vancouver Real Estate Average Numbers

Detached Attached Apartment
March 15 – $1,406,426 March 15 – $635,035 March 15 – $465,225
March 14 – $1,209,542 March 14 – $597,195 March 14 – $469,981
March 13 – $1,176,642 March 13 – $550,266 March 13 – $456,358

Vancouver Real Estate Inventory – Active Listings

Detached Attached Apartment
March 15 – 4,907
– 21%
March 15 – 1,748
– 14%
March 15 – 5,721
– 7%
March 14 – 6,288 March 14 – 2,046 March 14 – 6,158

Vancouver Real Estate – Units Sold

Detached Attached Apartment
March 15 – 1,721
+ 54%
March 15 – 722
+ 72%
March 15 – 1,627
+ 47%
March 14 – 1,117 March 14 – 479 March 14 – 1,106

Dragon Anomalies

Red-Dragon-Web

Arm chair economists, bubble theorists and the guy on the street will all have something to say about averages and how they are skewed by anomalies such as the recent $50 million house purchase by a purported duck farmer from China. Those are golden egg stories.

While it is true that this singular sale will play its part in influencing the average price curve what should not be dismissed in the average price formula is the ever increasing number of million dollar plus sales beyond the confines of Vancouver’s West Side, an distinct lack of inventory and based on the number of units sold, insatiable buyer demand.

It is not within the scope of this missive to determine or postulate on how locals afford to pay for their home purchases. However, it does seem reasonable to suggest that the average purchase price for a Vancouver home is not about to subside – at least not while the thunderous roar of China’s Dragon continues.

*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:

Michael Says:
April 1st, 2015 at 9:53 pm

Speaking of China’s Dragon, their stock market has nearly doubled over the past year and now taken out its 2010 highs. As stocks are forward looking, this should bode well for the economy.

Ohmy Says:
April 15th, 2015 at 4:13 pm

Larry, looks like Vancouver bears were all hit by your thunder and lost their voice now. LOL.

April 15th, 2015 at 7:50 pm

@ohmy,
Bears like Bulls serve a purpose.

Consider today’s coffee conversation about a long time east side Realtor’s recent sales where it was noted, that a few of those sales were flipped. At a later coffee session with a Realtor who only sells condo’s, it was pointed out that this spring they had experienced an overt number of deals collapsing. Supposed reasons for those collapses – future costs noted in depreciation reports, price paid, change of direction. What could not be determined was the Real Reason for the opt out.

I accept that two veteran Realtor experiences during a limited number of transactions are not scripture. Either event may be a market anomaly or just bad “ju-ju”. It is possible however, that a greater number of other Realtors may have had similar experiences but choose not to talk about those experiences for as you know, everything for some is always up, up, up.

Presuming that these two Realtors do not stand alone in a crowd of 12,000, it may not be a stretch to suggest that their experiences are ‘small crack’ indicators of a potential market stumble. I doubt anyone has yet to derive a definitive answer and this could just be bear sh–!

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