Vancouver Real Estate says Call Someone Who Cares

Here’s a Quarter

Vancouver’s love affair with high prices continues. In a snub to down side market patrons,provincial government tax disincentives and affordability, Vancouver prices have exhibited irreverent sentiment similar to Travis Tritt who flips his former lover a quarter and says – “Call Someone Who Cares”.

Average Price 1977 – 2016

2016-11-01-average-priceYattermatters – Average Price October 2016

Vancouver Real Estate Average Numbers

Detached Attached Apartment
October 16 – $1,598,824
0%
October 16 – $724,406
+10%
October 16 – $562,248
+13%
October 15 – $1,584,110 October 15 – $658,017 October 15 – $494,689

Vancouver Real Estate Inventory – Active Listings

Detached Attached Apartment
October 16 – 5,183
+30%
October 16 – 1,197
-05%
October 16 – 2,763
-36%
October 15 – 3,964 October 15 – 1,260 October 15 – 4,345

Vancouver Real Estate – Units Sold

Detached Attached Apartment
October 16 – 659
-54%
October 16 – 403
-39%
October 16 – 1,178
-23%
October 15 – 1,439 October 15 – 666 October 15 – 1,543

*Percentage = YOY

A Sordid Affair

affair-01

Vancouver real estate’s love triangle is a sordid affair between wealthy buyers foreign and otherwise, government interventionists, and cause celebre locals demanding affordable housing.

The harsh decrease in the number of sales should give cheer to locals seeking an affordable home claiming that this indicator is the beginning of the end. However, the reality is that entry level homes are still very much beyond financial ability.

Sellers who saw rapid gains accrue in the past last year evaporate remain bouyed by overall prices that are for the most part are standing pat or rising. For foreign buyers the relevance of the battle ground is only to bypass the 15% tax and instead of wasting effort, seek transactions beyond the battle lines prescribed in the guidelines determined by political intervention.

For now the push and shove lovers melee on this price battlefield will continue. On the primary battle field the victor has yet to be declared and when they are they will be regaled with fan fair as only the press can provide.

Less obvious fallout will be the many “Number 1 Realtors®” who are used to ‘eating the prey they kill’ having given little forethought to the future where the de rigueur market is one with few sales. Will anyone will flip them a quarter?

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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