Vancouver Detached Properties Graph 1977-2008
October 3rd, 2008 Categories: Real Estate News, Vancouver Real Estate
The above graph shows Vancouver real estate from 1977 to present and relates to detached properties. The first line shows the average price, the second line shows the number of listings and the bottom line reflects units sold.
It is interesting to note that the number of sales during the 1987-1993 period (when Vancouver had a large number of immigrants from Hong Kong) was the highest for the past 30 years.
Also interesting to note that the number of currented Vanvouver detached listings are not the highest we have every experienced and the graph appears to be heading down. The highest number of Vancouver homes listed was in the 1989-90 period and again in the 1994-97 period.
Our local expert, Ozzie Jurock, predicts a 10-20% correction in the Vancouver real estate market and thinks that Vancouver investors are “in a relative safe environment with an appreciating asset that will rise in value as inflation follows the inevitable U.S. money-spinning bailout.” More from Ozzie in my next post.
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A drop from 425 to 325 on this chart will look the same as a drop from 900 to 800. Don’t you think this is misleading? On long time horizons it’s probably better to show a logarithmic chart I would think. Then again, for the moment there is no reason to do this as it would be bad for sales. Realtors will probably switch to logarithmic charts once they realize that Ozzie’s 15% drop will actually look quite large on the normal chart…
Comment by Ian — October 4, 2008 #