Do cranes and champagne define Vancouver real estate? As employment in Vancouver increases we see more cranes popping up, indicating an improved economy and more buyers for pre-sale condos and champagne to celebrate your new home purchase! Vancouver’s property market is proving to be more resilient than many buyers wish for. The average sale price for west side homes and townhomes in June ticked up a bit whilst condos softened a bit, showing average sale price for homes down 4.7% over the last year, townhomes up 17% and condos down 4.3%. Listings are now decreasing and sales remain below the 10 year average.
Which Type of Vancouver Property Performed the Best Over the Last Year?
Townhomes! These make sense for baby boomers who are trading down and for younger buyers who cant afford houses. Vancouver average house price now $2,402,238 vs $2,520,213 a year ago, peaking at $2,790,531 in Dec’11. Townhomes at $1,001,001 compared to $833,254a year ago and condos sit at $600,964 vs $627,761 a year ago.
In fact, at $810psf Vancouver house prices are equal Jun’11. At $648psf, townhomes prices are equal to a year ago. At $672psf Vancouver condo prices are also equal to a year ago. A balanced market is when sales to active listings ratio is between 15 and 20. Currently it’s moved into a buyers market at 13. Attention buyers! Will prices remain squishy or decrease further?
Why Hire a Hyperlocal Vancouver Realtor?
I keep restating that the Vancouver property market is doing different things in different neighbourhoods, in different price ranges, in different property types. When you hire me as a Vancouver Buyer or Seller agent I come armed with stats and graphs, hyperlocal info and decades of experience. I am your Vancouver real estate condo realtor!
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