Vancouver Home Prices Come Monday

Hopeful Future

Jimmy Buffett’s “Come Monday” lyrics speak to missing his then girlfriend while away on a ‘weekend show.’ It’s a passionate song about ‘missing her so’ and the hope of rekindling what they once had.”

Viewing current detached inventory levels, home buying Vancouverites may be wistfully singing along in the hope that “Come Monday It’ll Be Alright.”

“It’s Pretty Up There”

Once your eyes deglaze from the striking natural beauty that encompasses Vancouver an English Bay fog enforces the realization that living in the midst of this natural splendor is not with out cost.

“I Can’t Help It”

For many, the thought of living anywhere else forgoing Vancouver’s uniqueness is unimaginable – they just “can’t help it!”

So they commit to purchase prices and mortgage payments that most Canadians cannot fathom.

Others such as Marcio Penner a soon to graduate anestesiologist who according to BC’s 2012 Factsheet will take his place in billing an average of $342,255 per year, noted in Barbara Yaffe’s missive that he will abandon living in Vancouver in favor of a city where housing costs are significantly less.

“Worn Me Quite Thin”

Certainly a greater number of home buyers must be feeling this way.

According to Vancity, they project that a “Vancouver detached home will cost more than $2.1 million dollars by 2030 and that it will require more than 100 per cent of the median household income to maintain the debt.” Assuming Vancity’s future outlook is correct, “enjoying the scenery” leaves Vancouver home buyers with a lot of room for doubt in ever owning a home.

If Vancouver East average prices serve as a present day indicator, Vancouver detached home prices are rocketing on course to Vancity’s 2030 projection.

Inventory Haze

In 2010 I started recording lower mainland detached housing inventory. Currently comparative inventory levels have never been this low in 5 years. Armchair economics tell us that scarcity increases price. This year that has proven more true than ever. Homeowners are hunkering down and not moving. I don’t know why they are not selling but past month’s statistical information reveals the anomaly’s affect – incredible upward pressure on prices. Cron-IDX-Graphs-2015-05-12-Web

Not Going to Be Alright

I suspect that should inventory levels not increase soon come future Mondays it will not be alright. I further suspect that buyers as Mr. Buffett laments, be remembering what they once had and will be wishing for a market that is “back by their side.”

Lyrics: Jimmy Buffett 1974 – Come Monday

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.

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