Vancouver Market Analysis August 2008
September 5th, 2008 Categories: Real Estate News, Vancouver Real Estate
VANCOUVER WEST STATISTICS for August 2008 are not as gloomy as the media is reporting. Yes, sales are down (but after the last five years this is to be expected, as the market catches its breath), but so are listings down and the average price is flat for condos and up for townhomes and homes. Average days on market is up. Rather than lump Greater Vancouver stats into one package, check the individual municipality.
Aug2008 Aug2007 Jul2008 YTD2008 YTD2007
Units Sold 317 746 437 4088 6004
Median Selling Price
Condos: $425,000 $438,000 $425,000 $443,000 $412,000
Attached: $767,000 $713,000 $725,000 $725,000 $668,000
Det’d: $1,495,500 $1,480,000 $1,328,000 $1,495,000 $1,338,00
Active Listings
Aug2008 Jul2008 Aug2007
Condos: 2659 2767 1314
Detached: 964 996 422
Average Days on Market :
Condos - 50, up from 41 in July, 31 in June.
Houses - 59, up from 51 in July, 41 in June
Townhomes and Duplexes 35, down from 36 in July and 29 in June
Prices Vancouver West detached price increased 1.4% from a year ago, attached increased 2.5% and condos decreased 0.1%
Over the past 5 years, Vancouver West detached prices have increased 98.1%, attached 100.4% and condos 75.4%.
Greater Vancouver
The best appreciation for detached, over the last year, in the Greater Vancouver area is Squamish at 12.7%. The best value is on the Sunshine Coast.
The best appreciation for attached over the last year, in the Greater Vancouver area, is South Delta at 18.4%. Best value is Maple Ridge
The best appreciation for condos over the last year, in the Greater Vancouver area, is Vancouver East at 13.2%. Best value Port Coquitlam.
Reflections - we are selling fewer properties, they are taking longer to sell, the listings are dropping and the prices are flat or up. This is a good buyer’s market.
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Some great analysis you presented Maggie for the entire west market and for local neighborhoods such as Kits and Coal Harbour.
While there is some good news in what is clearly a bear market, the bear is growling so loud nothing can be heard above it. Squamish is a bright point, but to consider it part of Greater Vancouver’s residential market is a stretch, even though it is included for statistical purposes. Eliminate the Squamish data and the market drops even more.
Are listings really down? Well, August over July shows a slight decline in listings, likely due to expired listings not being renewed while people are on vacation. Listings seem to have bumped up quickly on the Tuesday after the long weekend. And listings are way, way up this year.
Another concern are the absolutely unmanageable numbers such as the 6 year supply of Coal Harbour condos priced from $500M-$1MM.
What the sales numbers don’t yet report are product that is not yet selling despite sharply reduced pricing.
An additional concern is the impact on the market of the “auction” type approach being used to dispose of unsold inventories of new product that has been sitting empty for a year. Including Kits projects such as Brilla, and others on 4th West. And of course there are concerns about the viability of under construction projects such as Viridan Green which are now behind schedule and at a standstill.
Comment by Hazen Colbert — September 10, 2008 #