Vancouver Did It Again

Ooops

Yeah,Yeah,Yeah,Yeah!

You may have thought you were in love with the idea of houses in Vancouver becoming affordable. Politicians acting like Britney Spears ‘made you believe you were more than just friends” and like Britney, they “made you believe affordability was possible.”

Now with August setting another all time record Average Price my guess is that the best response the Politicians will give you is – “Oops I did it again!”

Average Price 1977 – 2014

2015-09-01-Average-Price YatterMatters – Average Price August 2015

Vancouver Real Estate Average Numbers

Detached Attached Apartment
August 15 – $1,474,475
+ 19%
August 15 – $615,557
+ 3%
August 15 – $521,666
+ 14%
August 14 – $1,228,869 August 14 – $592,102 August 14 – $457,571

Vancouver Real Estate Inventory – Active Listings

Detached Attached Apartment
August 15 – 4,478
– 30%
August 15 – 1,383
– 31%
August 15 – 5,036
– 20%
August 14 – 6,422 August 14 – 2,023 August 14 – 6,323

Vancouver Real Estate – Units Sold

Detached Attached Apartment
August 15 – 1,301
+ 11%
August 15 – 578
+ 18%
August 15 – 1,494
+ 32%
August 14 – 1,164 August 14 – 487 August 14 – 1,126

“A Fool In So Many Ways”

Britney’s lyric may be apropos for those bears now standing waiting for their ride to lower Vancouver house prices.

Spiraling House Price

Our fall market is upon us with its historical trend of steadily declining inventory levels. With an already low baseline of 11,000 residential listings available – a 26.2% decline from last year and sales raging at 21% year over year, the outlook for the remainder of the year and beyond appears to be a spiral of ever increasing prices.

Added is that economists claim we are in a technical recession which implies that boom times are ahead potentially meaning that prices will continue to increase for much longer than anticipated. As skeptical as this may sound it seems that politicians may have “played with your heart, getting you lost in the game” of believing that affordability was a possibility.

Uttering “oh baby baby”, a pessimistic might draw conclusion from these points a view suggesting that if you are currently earning an “average income” and are planning to buy a house in Vancouver it may time to accept this will not happen – ever yeah, yeah, yeah, yeah!

Lyrics – Oops I Did Again: Max Martin

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:

cheaper Says:
September 2nd, 2015 at 5:44 pm

Only because sales under 1.5 million are scarce. The high end 2 mill plus is bumping up the average

September 2nd, 2015 at 6:03 pm

@cheaper
under $1.5M = scarce! Yup that works for me

frank Says:
September 2nd, 2015 at 6:22 pm

The problem is there is not enough inventory for local families that work here and pay taxes, of all backgrounds. Now add in international money launderers and you have parabolic rises.

September 2nd, 2015 at 6:36 pm

@frank
are your referring to only single detached houses or all market segments?

cheaper Says:
September 2nd, 2015 at 8:07 pm

Safe to say the cheapest sfh detached will soon be 5 million with the average 10 million. ..something nice 15 million and the monster westsyde houses 40 x 150 lots will be 50 to 100 million. .. Drummond Drive Shaun essay 1 billion. 10 yrs from now that is. Question is will you finally get to sell Marine dr estate? Must be bad Feng sway. That monster should bring a ton o money in this hot market

September 2nd, 2015 at 8:22 pm

@cheaper
“Safe to say” – for you maybe but seems the realm of fantastical. As to Marine, I sold it the first time for practice. :”)

keith Says:
September 2nd, 2015 at 11:41 pm

“Added is that economists claim we are in a technical recession which implies that boom times are ahead potentially meaning that prices will continue to increase for much longer than anticipated…”

How does a recession imply boom times are ahead? That just makes no sense. People spend less, people lose jobs, and people generally don’t buy as much during recessions, real estate included. Perhaps you mean interest rates will remain low due to the recession and the availability of cheap money will potentially keep prices going up?

cheaper Says:
September 3rd, 2015 at 7:17 pm

Britney Spears is equal to or greater than the bubbly Ness of Vancouver Real Estate? Opinions?

cheaper Says:
September 3rd, 2015 at 7:19 pm

Re Marine. ..it quite likely that gem will fetch 50 to 60 million in 10 years. Consider that commish as your pension plan

September 3rd, 2015 at 8:19 pm

@keith
The opposite of a recession is economic growth.
Though now we may be in a technical recession, with time the reverse is inevitable. The logic behind the statement is that if we are prepared to pay these prices now, what price will we pay then?

September 3rd, 2015 at 8:20 pm

@cheaper
not clear about your question

September 3rd, 2015 at 8:21 pm

@cheaper
Possible – but I don’t plan to be around

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