Affordability = Not a Hope in Hell for Vancouver Real Estate

Numbing

Planning on buying a Vancouver home? Before you do, go to your local drug store and buy a case of pain medication to help deal with the pain of yet another all time high Vancouver Average price.

Average Price 1977 – 2014

2015-11-02-Average-PriceYatterMatters – Average Price October 2015

Vancouver Real Estate Average Numbers

Detached Attached Apartment
October 15 – $1,584,110
+ 26%
October 15 – $658,017
+ 11%
October 15 – $494,689
5%
October 14 – $1,250,557 October 14 – $590,979 October 14 – $468,091

Vancouver Real Estate Inventory – Active Listings

Detached Attached Apartment
October 15 – 3,964
– 30%
October 15 – 1,260
– 35%
October 15 – 4,345
– 29%
October 14 – 5,713 October 14 – 1,965/strong> October 14 – 6,173

Vancouver Real Estate – Units Sold

Detached Attached Apartment
October 15 – 1,439
+ 12%
October 15 – 666
+ 28%
October 15 – 1,543
+ 21%
October 14 – 1,275 October 14 – 518 October 14 – 1,269

Nervous

Can this type of market be sustained? A YOY 26% ($334,000)average price increase, an ever decreasing inventory and brisk sales must make you ask how is this possible? As you search for understanding you find reasons scant and verifiable statistics non-existent. Left is ripe speculation and anecdotal evidence approaching defacto status. Nothing here upon which to pin a rationale decision.

Affordability

Stairway-to-Heaven

Affordable: it’s a nice word don’t you think? A word Vancouver buyers and advocates presumed equal to a “stairway to home ownership heaven”.

That has changed!

Not A Hope in Hell

Consider StatsCan’s 2013 Median Vancouver Family Income of $73,390. In doing so take into account the year to date Average increase of $334,000 for a detached home in Vancouver.

Based on these numbers it would require every penny earned by that median family 4.5 years simply to offset this year’s average increase. Is that affordable? Not likely!

As that median family faces these endless, formidable price increases in Vancouver real estate the stairway touted by many as the holy grail of home ownership, has been obliterated. Somewhere in that rubble is a revised definition. Affordable, “not a hope in hell”!

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:

Frank Says:
November 2nd, 2015 at 9:44 pm

There are a lot of students and housewives who have apparently been buying $3 M houses with , I am sure, almost no income to declare. Our politicians have clearly decide to sell our Province piece-by-piece to the highest bidder in the world, source of funds and locals be damned.

Garth Says:
November 3rd, 2015 at 8:10 am

No reason why any person in the world shouldn’t be able to buy a house in Vancouver. Source of funds is irrelevant, as are you Frank.

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