Now that we’re in a buyers market I am often asked by buyers “can i buy a Vancouver home for ten per cent below the list price? My answer is that it depends on the Vancouver municipality, the specific neighbourhood, the type of property and the price range. Let’s consider the average Vancouver real estate sale price for house, townhouses and condos (for west side).
Vancouver Real Estate Price History
Based on the graphs for April 2012, the Vancouver real estate price history shows the biggest price drop in Vancouver houses, which are down 17% from the all time high in Dec’11 and the stats show that sellers moved an average of 4% off list price for homes that sold. Vancouver townhome prices are moving up, perhaps there is an increased demand because of the skyrocketing house prices, and condos are squishy, with the biggest price correction taking place on Vancouver luxury condos (over $2M). Three bedroom Vancouver condos have taken a 38% hit on average sale price between Sept’11 and Apr’12 – much fewer sales at the high end (only 10% of sales are over $1M).
What Are Vancouver Market Conditions for Different Price Ranges?
For Vancouver condos under $500,000 there is a 3% reduction is list price. Between $500,000 and $1M there is a 5% reduction and for luxury condos over $1M there is a 7% reduction. Vancouver houses over $3M have the biggest price reduction at an average of 9%. It is also the worst selling price range, the best are homes under $2M.
Conclusion is you’ll get the biggest price reduction on houses over $3M. Bottom of the market is performing the best (the local market) .
P.S. I am your Vancouver real estate condo realtor!
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