Can I Buy a Vancouver Home for Ten percent Below List Price?
by Maggie Chandler on June 1, 2012
in Buyers
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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WELCOME! And thanks for checking out my site, and wanting to know a little bit about me.
I LOVE what I do, and that’s helping home buyers and home sellers in the waterfront condo neighbourhoods of Vancouver and I’ve been doing just that for nearly 30 years, so I’ve really gotten to know this market like the back of my hand. In fact I’ve seen Vancouver’s neighbourhoods of Coal Harbour, Downtown, Kitsilano, False Creek North, the West End and now the Olympic Village being built and I have an in depth knowledge of these neighbourhoods. My interest in Vancouver’s history combines with my interest in the changes and growth of its waterfront neighbourhoods. If you see me walking on the seawall, playing tennis or boating, say hello!
The city of Vancouver and its neighbourhoods of Coal Harbour, Downtown, Kitsilano, False Creek North, the Olympic Village and the West End have been put on the world map with its dynamic growth, international immigration, hosting the 2010 Winter Olympics, amazing world class restaurants, geographical beauty and quality of life. Consistently voted the Best City in the World to live, you can find great shopping, sports and entertainment in Vancouver.
I assist first time and trade up home buyers, investors and vacation home buyers, as well as first time and trade up home sellers, investors and vacation home sellers with the purchase and sale of houses, townhouses and condominiums.
I come armed with stats and graphs and an extensive knowledge of market activity, with attention to detail that will give you piece of mind that I’m working in your best interest, I am a hard working, detail oriented, diligent individual with strong interpersonal skills, patience and a high level of integrity . My goal is to make the home buying and the home selling a fun trip with low stress and I use today’s technology to make every real estate transaction as smooth as possible by clearly answering your questions, providing expertise and offering a savvy opinion.
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