The graphs for Greater Vancouver real estate show the average price of Greater Vancouver homes, townhomes and condos are now above their last peak in 2008. Prices have been rising since March’09. The graph shows the houses on the top, townhomes (middle) and condos (bottom) average price from 1977 to present. The Vancouver market peaked in 1981, 1989,1993 and 2008. Vancouver real estate didn’t appreciate much between 1994 and 2002 but they did between 2002 and 2008. Then it dropped about 20-25% and has now surpassed the highs of 2008.
Following are the stats for Vancouver West Side -
April saw listings in all categories and sales up in townhomes and condos but down in houses.
New Listings - Apr 1781,Mar 1713, Feb 907, Jan 1166, 2009 -Dec 469, Nov 834, October 1155, Sept 1244, July 1069, Jun 1128. There were 939 new listings in Apr’09.
Sales - Apr 820, Mar 581 ,Feb 526, Jan 436, 2009 - Dec 592, 688 in Nov, 807 in Oct, 733 in Sept, 795 in Aug, July 774, June 949. Year to date sales 2,635 vs 1,807 same period last year . In Apr 2009 there were 709 sales.
1 Year change in Benchmark Price - houses up 35% , townhomes are up 21% and condos are up 19%.
Benchmark Price over the last 5 years - condos are up 55%, townhomes are up 57% and houses are up 87%
2010 April Median Price – Houses $1,675,881, Townhomes $775,953, Condos $512,252
2010 March Median Price – Houses $1,745,000 , Townhouses $819,500 and condos $484,250
2010 February Median Price – Houses $1,688,000, Townhomes $804,000 and condos $488,000
2010 January Median Price – Houses $1,753,000, Townhomes $810,000 and condos $453,000
2009 December Median price – House $1,710,000, Townhouse $774000, Condo $446,750
November Median Price - House $1,600,000, Townhouse $729,00, Condo $463,000
October Median Price – House $1,523,000, Townhouse $750,000, Condo $447,000
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from rebgv & deemed to be correct but should be verified
{ 4 comments… read them below or add one }
Hi Maggie,
Love the stats. I just just talking with a friend and colleague in Vancouver today. His feeling of Vancouver’s real estate market was just as your stats show.
Thanks,
Jim
thanks jim! it’s healthy for the market to cool down a bit and the current market provides great choices for buyers, no frantic multiple offer situations and enables them to make well thought out and sensible decisions. also a good market for owners wishing to trade up – they can now find the product, sell theirs and then be a cash buyer.
hi Maggie,
this is a nice chart. I JUST bought an apartment downtown. I haven’t even taken ownership yet and the ‘upcoming crash’ is already on the news. I’m scared now. Is a ‘crash’ the same as a ‘dip’ on your graph, or is it much more significant? Looking at your graph, if it’s just a dip coming up, I wouldn’t be concerned because eventually the trend would go upwards again and keep going until the next dip.
Is ‘cooling down’ the same as crashing? or can it just mean flattening out?
Thanks,
Oliver
hi oliver: congrats! first of all no-one can predict the future. a crash is pretty serious, a dip is a small correction. it is a good buyer’s market. last year we had a good sellers market. long term vancouver real estate will continue to climb, just as it has in the past decades. paying a mortgage is a better idea than paying rent, so look to the future and don’t worry about the short term ups and downs in the market, which is normal. prices have levelled off due to the large number of investors now selling. have a great day! cheers, maggie
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