It’ a Fact that Vancouver Real Estate Market is Down

Down

You can’t massage these numbers to make you feel good. Unlike Kellyanne Conway’s spin of “alternative fact”, Vancouver real estate average prices are down. In fact, January 2017’s sales were 10.3% below the 10 year average.

Average Price 1977 – 2016

Yattermatters – Average Price Jan 2016

Vancouver Real Estate Average Numbers

Detached Attached Apartment
Jan 17 – $1,521,862
-16%
Jan 17 – $741,309
+02%
Jan 17 – $582,965
+12%
Jan 16 – $1,812,028 Jan 16 – $721,252 Jan 16 – $517,147

Vancouver Real Estate Inventory – Active Listings

Detached Attached Apartment
Jan 17 – 4,116
+43%
Jan 17 – 938
+32%
Jan 17 – 2,182
-28%
Jan 16 – 2,867 Jan 16 – 708 Jan 16 – 3,060

Vancouver Real Estate – Units Sold

Detached Attached Apartment
Jan 17 – 447
-68%
Jan 17 – 254
-32%
Jan 17 – 825
-25%
Jan 16 – 1,096 Jan 16 – 376 Jan 16 – 1,225
*Percentage = YOY

Circle the Wagons

circle wagons

Morrison, REBGV’s Pres, said ” buyers and seller are more reluctant to engage.”

My periscope sees Vancouver real estate experiencing a full attack from all quarters from many aggressors manifest in purpose. They take the form of statutes such as new mortgage regulations, which make property purchase more difficult or provincial regulation such as the 15% provincial tax on foreign purchases designed to slow the market – a task accomplished. Then compound these with the nuanced economic implications of an impending provincial election and the national and global implications of unstable offerings from a new US President.

It may not be that buyers and sellers are reluctant. The current market could be a reaction to the messages embedded in incessant traditional and social media that now includes ‘alternative facts’. With all this the current market may be a reflection of buyers and sellers who have chosen their own alternative. They have circled their wagons and will hunker down while they catch their breath and figure out a plan.

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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