Which Vancouver Condo Price Range Has The Best Value?
by Maggie Chandler on July 2, 2012
in How's The Market
Let’s drill down on Vancouver’s condo prices and see which price range has the best value. What’s the average sale price for June 2011 vs a year ago? What’s the $psf? How long is it taking to sell a Vancouver condo vs a year ago? What’s the list price to sale price ratio? According to the stats today from REBGV, sales are much lower than a year ago and listings are higher, resulting in too much choice for buyers!
Best Value is Vancouver’s Middle Price Ranges
The Vancouver condo prices under $600,000 are higher than a year ago but between $700,000 and $1M the prices are lower than a year ago. Above $1M the Vancouver condo prices are higher than a year ago. But there are fewer sales in all price ranges. Below is the current $psf vs a year ago in brackets.
- $200,000o$300,000 $492psf (530)
- $300,000-$400,000 $590 (574)
- $400,000-$500,000 $627 (630)
- $500,000-$600,000 $652 (611)
- $600,000-$700,000 $657 (668)
- $700,000-$800,000 $675 (723)
- $800,000-$900,000 $711 (773)
- $900,000-$1M $795 (845)
- $1M -$1.5M $ $894 (841)
- $1.5M-$1M $1215 (1040)
- $1M-$4M $1330 (1066)
How Are Vancouver Condo Prices Compared to a Year Ago?
In June 2012 the average days on market for solds was 36, vs 38 a year ago. Average List price to sale price ratio remains equal to a year ago at 97% (indicating that sellers move an average of 3% off list price). In June 2011 the average sale price was $610,000 vs $425,000 last month. A year ago the $psf was 660 vs $591psf last month. Both Jun’12 and Jun’11 55% of all Vancouver condo sales were under $500,000. This year 7% of the sales were over $1M vs 9% last year. Apparently the Vancouver condo market is performing better than many people may think it is! Squishy in the middle!
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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.
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