Vancouver Residential Average Price March 09

Heads Up

Averages are always a little scary as they are subject to anomalies. As a snap shot indicator they can prove beneficial but may at that moment not reflect the actual trend.

March’s Month of Numbers

March’s numbers for Condos and Apartments showed a slight up-tick while Detached prices saw a slight drop for the month.

Market history can be brutal and historical percentages even more so as they have far reaching implications for owners. Condos and Apartments showed a very small dim glimmer of hope but continue to slide towards values of Feb 2006. Detached just continue to drop.

Back to the Future

Realtors were reporting that buyers are busy shopping however, the unit sales in March ‘09 for detached showed a decrease YOY of 19%. Up from February 09’s 45%. Attached hovered at 23% which is better than the previous month at 45% and apartments took similar courage coming in at 28% compared to last month’s 45%. March overall showed greater unit sales than the records set in February. Suffice to say that the markets of old may be just that – history. A new paradigm in Vancouver Real estate may be at hand.

Vancouver Real Estate Average Price Numbers:

Detached	Attached	Apartment
Feb 09 – 792,551	Feb 09 – 437,233	Feb 09 – 353,064
Mar 09 – 763,248 – Down	Mar 09 – 442,266 – Up	Mar 09 – 354,605 – Up

Vancouver Real Estate Average Price // Percent YOY:

Detached	Attached	Apartment
Mar 07 – 785,234	Mar 07 – 456,470	Mar 07 – 380,176
Mar 08 – 918,593	Mar 08 – 510,428	Mar 08 – 407,287
Mar 09 – 763,248 / – 16% *	Mar 09 – 442,266 / – 13*	Mar 09 – 354,605 / – 12% *

* Percent reflects price change YOY 2008 to 2009

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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.