The January 2009 Vancouver Real Estate Statistics have now been released by the Real Estate Board of Greater Vancouver and it’s time for a little dissection of the report.
We got some brutal honesty, which is nice to see, right off the bat. My own statistical analysis can only go back to 1994 and I knew it was the worst month of unit sales in that whole time. What I did not know is revealed by the board. This was the worst month for sales since the 1980′s (which year? I don’t know. What I do know is that the last time it was this low I was playing with GI Joes and waiting for Spring to start playing baseball).
We also get some interesting metaphors for positivity in that the long term outlook are “beyond the reach of the economic clouds of today” which is a really nice way of saying if you are planning to buy then we are most definitely back to the fundamental truth that real estate is not a quick flip and it is a very long term hold. I had a conversation on the phone just the other day with a potential client who was thinking of buying and selling within five years. My advice was that if he thought he’d need the money in five years he was better off finding another investment. Real estate always has been (and likely always will be) a 10+ year investment. Most of the investors I worked with over the years subscribe to that philosophy and have been holding on through this downturn as it was never part of their plan to ever sell. I firmly believe they will do well. None of them, I should add before anyone writes a comment to the contrary, are subsidizing their tenants and negative in the cash flow department.
David Watt is very much correct in saying that conditions are ripe for the astute buyer. Low interest rates have created an incredible situation here and combined with the overwhelming negativity in the media and on the street some really good purchases are being made. He says that prices are becoming more affordable, which is true, but I would counter that becoming more affordable does not mean they are affordable. We have a long way to go before we hit that point. However, there are sellers who are quickening the march towards homes being affordable for almost all and they are the properties you should be seeking out.
What is not reported is the number of sales generated by developers who have made “20-40% off” the new black. How many individual sellers lost a sale to Onni, or soon H&H (this weekend coming), because they could not (or would not right now) match the deep discounts that developers and receivers are compelled to offer. Open your newspaper any given day (but weekends are best) and find me one developer not participating in some pricing themed or heavily incentived marketing plan.
Any anomalies in the report? Yes. The Port Moody Detached benchmark is up year over year by 13.4%. This after leading the downturn for the past few months. And who leads the downturn now? Those with the biggest number to lose; Van West and West Van (down 19.3% and 21.7% year over year respectively). That’s real money. That’s over $200,000 in a year. That’s about $17,000 per month for a benchmark property. And yet, there’s almost no where better I would rather live and those that are leading the downward trend are the very small number of properties on the market there and actually selling.
For condos everyone is down year over year across the board by some fairly significant numbers and this bodes well for first time buyers. I am not saying that now is the time to buy but now is definitely the time to be watching and be prepared.
And what will the next month or so bring? Well, Sunshine Coast and West Van are very close to being negative over the past three years basically resetting prices back to 2006. Mind you this is the Benchmark and I have already seen sales occur below their 2006 numbers. Again, the benchmark and the average only tells one story and every property has it’s own story to tell.
The Board has also added a new 5 year trend (in colour!) that really helps distinguish what has gone on recently. You can clearly see that January did better than December on the benchmark value. Is that so hard to believe? No. December generally stinks in terms of sales. Add in an interest rate reduction and people had more money to spend. Were interest rates flat I’d wager the benchmark would have dropped. It’s a whole lot easier to spend more money when it doesn’t cost you any more per month.
And that is where I leave you all with a question:
When financing a purchase (be it a house, car, or anything really) do you think more in terms of the price of the item, the total cost over the life of the financing, or the monthly cost to you?
Compliments of Will Wertheim – TRG Realty – 604-787-6977 – www.AgentWill.com News Release FOR IMMEDIATE RELEASE Home listings withdraw as sales volume slows VANCOUVER, B.C. – February 3, 2009 – The ?rst month of 2009 saw a continued reduction in the number of homes listed for sale in Greater Vancouver, while sales volumes in January were the lowest for that month since the early 1980s. The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties declined 58.1 per cent in January 2009 to 762 from the 1,819 sales recorded in January 2008. New listings for detached, attached and apartment properties declined 20.9 per cent to 3,700 in January 2009 compared to January 2008, when 4,675 new units were listed. Total active listings in Greater Vancouver currently sit at 13,966, down nearly 6,000 listings from October 2008. Overall residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 10.9 per cent to $489,007 between Januarys 2008 and 2009. “Home sales and consumer con?dence are at a low point at the moment, but the long-term strength and security of our housing market are beyond the reach of the economic clouds of today,” Dave Watt, REBGV president said. “Today’s short-term conditions are creating long-term opportunities. Buying opportunities have not been this strong in a decade, with low interest rates, broad selection and more affordable prices,” Watt said. Sales of detached properties declined 54.4 per cent to 292 from the 641 detached sales recorded during the same period in 2008. The benchmark price for detached properties declined 11.2 per cent to $659,638 in January 2009 compared to $742,490 January 2008. Sales of apartment properties in January 2009 declined 58 per cent to 361, compared to 860 sales in January 2008. The benchmark price of an apartment property declined 11.6 per cent to $334,602 compared to $378,336 in January 2008. Attached property sales in January 2009 were down 65.7 per cent to 109, compared with the 318 sales in January 2008. The benchmark price of an attached unit declined 8.1 per cent to $425,309 compared to $462,627 in January 2008. -30The Real Estate Board of Greater Vancouver is an association representing more than 9,500 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org. For more information please contact: Craig Munn, Assistant Manager, Communications Real Estate Board of Greater Vancouver Phone: (604) 730-3146 Fax: (604) 730-3102 E-mail: cmunn@rebgv.org also available at www.realtylink.org Compliments of Will Wertheim – TRG Realty – 604-787-6977 – www.AgentWill.com Preliminary Report MLSLINK HOUSING PRICE INDEX January 2009 AREA BENCHMARK PRICE 3 MONTH AVG PRICE 1 YEAR 3 YEAR 5 YEAR PRICE RANGE BENCHMARK INDEX CHANGE CHANGE CHANGE (+/-) PRICE % % % $489,007 0.8% $489,641 206.54 -10.9 14.8 54.0 $659,638 1.7% $658,195 194.8 -11.2 12.9 48.5 $652,089 3.7% $649,439 191.9 -11.4 10.7 47.3 $593,987 5.2% $597,172 209.0 -9.9 14.3 49.3 $660,478 11.0% $598,397 215.8 1.7 25.9 61.9 $408,206 3.3% $408,136 186.2 -10.8 11.6 42.2 $538,566 10.0% $525,655 222.0 -0.3 10.9 63.7 $783,339 4.9% $753,502 195.7 -13.3 9.0 40.3 $473,782 6.8% $465,766 194.5 4.2 23.0 48.1 $505,488 6.1% $515,153 213.6 -8.1 21.8 48.0 $718,962 9.6% $616,022 216.1 13.4 34.2 54.7 $649,909 4.2% $672,419 191.9 -9.9 12.9 48.7 $543,788 11.7% $549,513 206.6 -4.2 33.8 21.1 $363,529 12.9% $393,495 206.8 -13.8 1.1 52.4 $592,138 3.1% $592,368 200.6 -11.0 11.9 52.3 $1,134,773 4.9% $1,138,682 188.3 -19.3 13.7 54.5 $1,166,637 8.6% $1,206,406 171.9 -21.7 3.5 30.1 $425,309 1.6% $424,978 206.3 -8.1 19.3 56.4 $397,357 2.4% $412,543 199.1 -11.6 11.8 50.4 $381,560 4.5% $386,228 205.8 -9.4 14.4 52.8 $381,656 12.8% $408,606 204.4 -16.2 16.5 49.1 $296,543 3.1% $299,692 205.7 -5.9 22.7 56.5 $536,610 7.0% $529,500 210.0 -9.3 15.8 50.9 $371,926 5.3% $359,699 204.5 -5.1 16.1 49.1 $335,114 4.9% $363,718 200.0 -15.9 9.3 48.7 $424,081 3.4% $422,439 204.5 -6.3 21.6 52.7 $470,965 5.2% $466,452 220.2 -2.9 34.0 69.8 $650,919 5.6% $610,164 232.3 -6.9 25.2 69.2 $334,602 1.0% $336,731 217.7 -11.6 16.1 56.7 $309,894 2.0% $306,419 231.6 -8.6 22.2 66.9 $252,064 2.6% $253,150 214.9 -13.7 13.8 63.4 $329,635 11.1% $336,743 214.7 -2.4 19.1 62.8 $246,361 4.8% $232,664 261.6 -1.6 27.9 106.1 $252,206 3.2% $258,345 204.9 -12.5 20.6 64.7 $320,826 3.7% $328,745 204.1 -15.7 7.7 41.8 $221,076 2.9% $223,802 258.9 -12.9 16.1 79.8 $265,677 4.4% $271,883 226.7 -7.1 7.7 55.7 $274,778 2.0% $282,895 223.3 -10.7 17.3 61.5 $297,356 4.2% $294,713 243.4 -6.2 24.2 79.4 $425,678 1.7% $426,245 216.5 -13.1 13.5 48.5 $500,073 13.8% $538,092 179.4 -20.3 4.4 17.9 PROPERTY TYPE Residential Detached Attached Greater Vancouver Greater Vancouver Burnaby Coquitlam South Delta Maple Ridge New Westminster North Vancouver Pitt Meadows Port Coquitlam Port Moody Richmond Squamish Sunshine Coast Vancouver East Vancouver West West Vancouver Greater Vancouver Burnaby Coquitlam South Delta Maple Ridge & Pitt Meadows Apartment North Vancouver Port Coquitlam Port Moody Richmond Vancouver East Vancouver West Greater Vancouver Burnaby Coquitlam South Delta Maple Ridge & Pitt Meadows New Westminster North Vancouver Port Coquitlam Port Moody Richmond Vancouver East Vancouver West West Vancouver HOW TO READ THE TABLE: BENCHMARK PRICE: Estimated sale price of a benchmark property. Benchmarks represent a typical property within each market. PRICE RANGE: Expresed as a + or – percentage of the benchmark price, there is a 90% probability the sale price of a benchmark house is within the interval. PRICE INDEX: Index numbers estimate the percentage change in price on typical and constant quality properties over time. All figures are based on past sales. In Year 2001, the indexes are averaged to 100 Key: * = Sales sample too small; Price information not reported. Compliments of Will Wertheim – TRG Realty – 604-787-6977 – www.AgentWill.com Jan 2009 Nov 2008 Sep 2008 Jul 2008 May 2008 Mar 2008 Jan 2008 Price Index – Greater Vancouver 5 Year Trend Nov 2007 Sep 2007 Apartment Jul 2007 May 2007 Mar 2007 Jan 2007 Nov 2006 Sep 2006 Jul 2006 May 2006 Mar 2006 Jan 2006 Detached Attached C:\DATA\MonthEnd\Hpi\export\hi_res\gv-hpi2.tif Housing MLS® Nov 2005 Sep 2005 Jul 2005 May 2005 Mar 2005 Jan 2005 Nov 2004 Sep 2004 Jul 2004 Year 2001 average = 100 May 2004 Mar 2004 Jan 2004 280 260 240 220 200 180 160 140 120 100 80 Price Index 1 16 2009 MLS® SALES Facts Sound er New W estmin st North Vanco uver Port C oquitla m Port M oody/B elcarra Richm ond Squam ish Sunsh ine Co ast Vanco uver E ast Vanco uver W est We st Van couve r/Howe 42 11 0 n/a n/a n/a 0 2 56 $666,500 $424,000 n/a 17 16 31 $518,000 $332,500 $245,750 12 4 23 n/a n/a $249,500 67 26 24 n/a n/a n/a $480,000 $318,000 $218,950 14 12 54 n/a n/a $308,000 n/a n/a $278,750 46 16 63 $930,000 n/a $387,500 11 5 10 n/a n/a n/a 20 20 31 $518,000 $332,500 $245,750 19 n/a n/a n/a 2 6 10 n/a n/a n/a 17 16 19 n/a n/a n/a $278,000 80 70 121 $666,000 $452,500 $310,420 30 13 56 $648,500 n/a $248,000 80 70 121 $666,000 $452,500 $310,420 3 n/a n/a n/a 17 8 9 n/a n/a n/a 4 2 3 n/a n/a n/a 17 8 9 n/a n/a n/a n/a 9 3 1 n/a n/a n/a 28 7 0 $411,000 n/a n/a 8 2 0 n/a n/a n/a 28 7 0 $411,000 n/a n/a 22 $634,000 n/a $289,500 60 18 69 $583,500 n/a $305,000 88 16 80 $650,000 n/a $306,750 42 11 22 $634,000 n/a $289,500 88 16 80 $650,000 n/a $306,750 46 14 117 $1,080,000 n/a $420,000 56 28 121 $1,350,000 $630,000 $404,000 75 28 277 $1,425,000 $705,000 $440,500 46 14 117 $1,080,000 n/a $420,000 75 28 277 $1,425,000 $705,000 $440,500 22 1 3 $1,187,500 n/a n/a 13 0 6 n/a n/a n/a 42 2 11 $1,420,000 n/a n/a 22 1 3 $1,187,500 n/a n/a 42 2 11 $1,420,000 n/a n/a 6 5 24 n/a n/a $249,500 6 2 28 n/a n/a $262,500 14 12 54 n/a n/a $308,000 6 5 24 n/a $387,500 $930,000 63 16 20 46 20 $327,500 n/a n/a n/a n/a $690,000 n/a n/a 24 13 10 13 12 8 26 37 17 4 38 $278,750 n/a n/a $248,000 n/a n/a n/a n/a n/a n/a n/a n/a $648,500 n/a 23 10 10 56 3 4 5 6 13 2 2 12 11 2 30 4 8 Burnab y Coquit lam Maple Ridge/P itt Mea dows Detached 29 7 32 $540,905 n/a $255,000 34 10 23 $612,450 n/a $235,000 51 21 57 $620,000 $488,000 $284,500 27 7 32 $540,905 n/a $255,000 51 21 57 $620,000 $488,000 $284,500 n/a n/a $652,000 11 0 8 0 30 1 n/a n/a n/a n/a n/a n/a n/a n/a $425,000 2 0 11 1 0 13 13 1 38 n/a n/a $218,950 n/a n/a $318,000 $652,000 n/a $480,000 11 0 24 8 0 26 30 1 67 n/a n/a n/a n/a n/a n/a n/a n/a $413,850 7 0 11 2 0 6 12 1 27 n/a n/a n/a n/a n/a n/a n/a n/a $425,000 2 0 11 1 0 13 27 Delta South 13 Islands – Gulf 1 38 Whistl er/Pem berton 1 7 6 n/a n/a n/a 4 7 1 n/a n/a n/a 6 16 5 n/a n/a n/a 1 7 6 n/a n/a n/a 6 16 5 n/a n/a n/a January 2009 292 109 361 n/a 348 159 417 n/a 641 318 860 n/a 292 109 361 n/a 641 318 860 n/a Number of Sales Attached 18 Apartment 42 January 2009 Detached $648,000 Median Selling Price Attached n/a Apartment $316,000 Detached 30 Number of Sales Attached 22 Apartment 44 December 2008 Detached $650,000 Median Selling Price Attached $442,900 Apartment $287,250 Detached 59 Number of Sales Attached 52 Apartment 98 January 2008 Detached $727,000 Median Selling Price Attached $454,000 Apartment $327,500 Detached 29 Compliments of Will Wertheim – TRG Realty – 604-787-6977 – www.AgentWill.com Number of Sales Attached 18 Apartment 42 Jan. Jan. 2009 Detached $648,000 Attached Year-to-date Median Selling Price n/a Apartment $316,000 Detached 59 Number of Sales Attached 52 Apartment 98 Jan. Jan. 2008 Detached $727,000 Attached Year-to-date Median Selling Price $454,000 Apartment $327,500 Note: Median Selling Prices are not reported for areas with less than 20 sales or for the Gulf Islands 1 16 2009 MLS® LISTINGS Facts Sound er New W estmin st North Vanco uver Port C oquitla m Port M oody/B elcarra Richm ond Squam ish Sunsh ine Co ast Vanco uver E ast Vanco uver W est We st Van couve r/Howe 150 32 4 13% 33% 19% 18 5 109 51% 81% 30% 41 43 66 34% 42% 47% 99 40 93 17% 45% 20% 208 58 55 25% 0% n/a 32% 45% 44% 33 27 134 42% 44% 40% 12% 10% 25% 134 42 137 34% 38% 46% 56 38 46 20% 13% 22% 58 48 66 34% 42% 47% 75 41% 37% 25% 20 29 52 10% 21% 19% 41 43 75 41% 37% 25% 51% 253 120 236 32% 58% 51% 185 93 192 16% 14% 29% 253 120 236 32% 58% 51% 2 0% 40% 150% 30 13 18 57% 62% 50% 31 13 16 13% 15% 19% 30 13 18 57% 62% 50% 0% 26 2 3 35% 150% 33% 94 17 19 30% 41% 0% 62 6 4 13% 33% 0% 94 17 19 30% 41% 0% 143 28% 34% 15% 72 13 63 83% 138% 110% 217 45 163 41% 36% 49% 150 32 143 28% 34% 15% 217 45 163 41% 36% 49% 195 125 600 24% 11% 20% 74 37 201 76% 76% 60% 236 103 705 32% 27% 39% 195 125 600 24% 11% 20% 236 103 705 32% 27% 39% 81 12 25 27% 8% 12% 24 2 10 54% 0% 60% 137 15 37 31% 13% 30% 81 12 25 27% 8% 12% 137 15 37 31% 13% 30% 36 11 119 17% 45% 20% 12 4 55 50% 50% 51% 33 27 134 42% 44% 40% 36 11 119 38% 46% 34% 137 42 48 134 58 69% 65% 100% 100% 200% 119% 55% 44% 35 20 33 13 12 4 32 31 31 9 74 25% 22% 19% 29% 10% 13% 21% 14% 15% 12% 20% 10% 16% 13% 93 46 52 192 16 40 38 29 93 13 6 99 56 20 185 31 62 Burnab y Coquit lam Maple Ridge/P itt Mea dows Detached 118 39 84 26% 18% 38% 68 17 38 50% 59% 61% 133 56 134 38% 38% 43% 103 39 84 26% 18% 38% 133 56 134 38% 38% 43% 48% 53% 41% 23 0 15 1 73 4 11% 0% 10% n/a 24% 28% 22% 25% 21% 18 1 40 10 0 55 60 4 184 48% n/a 44% 53% 0% 45% 41% 25% 32% 23 0 55 15 1 58 73 4 208 175% n/a 31% 50% n/a 33% 55% 17% 35% 4 0 35 4 0 18 22 6 77 11% 0% 28% 10% n/a 24% 22% 25% 21% 18 1 40 10 0 55 103 Delta South 60 Islands – Gulf 4 184 Whistl er/Pem berton 22 36 32 5% 19% 19% 14 19 16 29% 37% 6% 21 31 44 29% 52% 11% 22 36 32 5% 19% 19% 21 31 44 29% 52% 11% January 2009 1,406 632 1,662 n/a 620 213 717 n/a 1,842 739 2,094 n/a 1,406 632 1,662 n/a 1,842 739 2,094 n/a Number of Listings Attached 93 Apartment 197 January 2009 Detached 25% % Sales to Listings Attached 19% Apartment 21% Detached 62 Number of Listings Attached 31 Apartment 93 December 2008 Detached 48% % Sales to Listings Attached 71% Apartment 47% Detached 170 Number of Listings Attached 105 Apartment 248 January 2008 Detached 35% % Sales to Listings Attached 50% Apartment 40% Detached 118 Compliments of Will Wertheim – TRG Realty – 604-787-6977 – www.AgentWill.com Number of Listings Attached 93 Apartment 197 Jan. Jan. 2009 Detached 25% Year-to-date* % Sales to Listings Attached 19% Apartment 21% Detached 170 Number of Listings Attached 105 Apartment 248 Jan. Jan. 2008 Detached 35% Year-to-date* % Sales to Listings Attached 50% Apartment 40% * Year-to-date listings represent a cumulative total of listings rather than total active listings. Compliments of Will Wertheim – TRG Realty – 604-787-6977 – www.AgentWill.com Real Estate Board of Greater Vancouver Listing & Sales Activity Summary Listings 1 Jan 2008 2 Dec 2008 3 Jan 2009 Col. 2 & 3 Percentage Variance 5 Jan 2008 6 Dec 2008 7 Jan 2009 Sales Col. 6 & 7 Percentage Variance 9 Nov 2007 Jan 2008 10 Nov 2008 Jan 2009 Col. 9 & 10 Percentage Variance BURNABY DETACHED ATTACHED APARTMENTS 170 105 248 62 31 93 118 93 197 % 90.3 200.0 111.8 59 52 98 30 22 44 29 18 42 % -3.3 -18.2 -4.5 232 186 372 82 65 147 % -64.7 -65.1 -60.5 COQUITLAM DETACHED ATTACHED APARTMENTS 133 56 134 68 17 38 103 39 84 51.5 129.4 121.1 51 21 57 34 10 23 27 7 32 -20.6 -30.0 39.1 213 76 182 101 24 72 -52.6 -68.4 -60.4 DELTA DETACHED ATTACHED APARTMENTS 73 15 23 22 4 4 60 10 18 172.7 150.0 350.0 30 8 11 12 2 7 13 1 2 8.3 -50.0 -71.4 99 22 22 38 5 17 -61.6 -77.3 -22.7 MAPLE RIDGE/PITT MEADOWS DETACHED ATTACHED APARTMENTS 208 58 55 77 18 35 184 55 40 139.0 205.6 14.3 67 26 24 27 6 11 38 13 11 40.7 116.7 0.0 260 105 86 97 32 35 -62.7 -69.5 -59.3 NORTH VANCOUVER DETACHED ATTACHED APARTMENTS 134 42 137 31 13 35 99 40 93 219.4 207.7 165.7 46 16 63 37 13 24 12 4 23 -67.6 -69.2 -4.2 180 72 228 81 32 77 -55.0 -55.6 -66.2 NEW WESTMINSTER DETACHED ATTACHED APARTMENTS 33 27 134 12 4 55 36 11 119 200.0 175.0 116.4 14 12 54 6 2 28 6 5 24 0.0 150.0 -14.3 54 35 197 23 9 94 -57.4 -74.3 -52.3 PORT MOODY/BELCARRA DETACHED ATTACHED APARTMENTS 41 43 75 9 4 33 20 29 52 122.2 625.0 57.6 17 16 19 4 8 10 2 6 10 -50.0 -25.0 0.0 48 58 78 13 23 30 -72.9 -60.3 -61.5 PORT COQUITLAM DETACHED ATTACHED APARTMENTS 58 48 66 31 12 20 56 38 46 80.6 216.7 130.0 20 20 31 17 12 13 11 5 10 -35.3 -58.3 -23.1 93 66 93 46 23 33 -50.5 -65.2 -64.5 RICHMOND DETACHED ATTACHED APARTMENTS 253 120 236 74 32 109 185 93 192 150.0 190.6 76.1 80 70 121 38 26 56 30 13 56 -21.1 -50.0 0.0 295 229 398 95 62 146 -67.8 -72.9 -63.3 SUNSHINE COAST DETACHED ATTACHED APARTMENTS 94 17 19 26 2 3 62 6 4 138.5 200.0 33.3 28 7 0 9 3 1 8 2 0 -11.1 -33.3 -100.0 125 19 12 42 6 4 -66.4 -68.4 -66.7 SQUAMISH DETACHED ATTACHED APARTMENTS 30 13 18 18 5 2 31 13 16 72.2 160.0 700.0 17 8 9 0 2 3 4 2 3 400.0 0.0 0.0 54 46 36 8 6 7 -85.2 -87.0 -80.6 VANCOUVER EAST DETACHED ATTACHED APARTMENTS 217 45 163 72 13 63 150 32 143 108.3 146.2 127.0 88 16 80 60 18 69 42 11 22 -30.0 -38.9 -68.1 336 77 286 146 39 129 -56.5 -49.4 -54.9 VANCOUVER WEST DETACHED ATTACHED APARTMENTS 236 103 705 74 37 201 195 125 600 163.5 237.8 198.5 75 28 277 56 28 121 46 14 117 -17.9 -50.0 -3.3 246 125 985 127 56 369 -48.4 -55.2 -62.5 WHISTLER DETACHED ATTACHED APARTMENTS 21 31 44 14 19 16 22 36 32 57.1 89.5 100.0 6 16 5 4 7 1 1 7 6 -75.0 0.0 500.0 20 47 25 6 23 14 -70.0 -51.1 -44.0 WEST VANCOUVER/HOWE SOUND DETACHED ATTACHED APARTMENTS 137 15 37 24 2 10 81 12 25 237.5 500.0 150.0 42 2 11 13 0 6 22 1 3 69.2 100.0 -50.0 125 12 37 55 5 14 -56.0 -58.3 -62.2 GRAND TOTALS DETACHED ATTACHED APARTMENTS 1838 738 2094 614 213 717 1402 632 1661 128.3 196.7 131.7 640 318 860 347 159 417 291 109 361 -16.1 -31.4 -13.4 2380 1175 3037 960 410 1188 -59.7 -65.1 -60.9 Real Estate Board of Greater Vancouver Average Price Graph January 1977 to January 2009 DETACHED CONDOMINIUM ATTACHED APARTMENTS IN THOUSANDS ($) 1000 $782,962 900 800 700 $449,389 600 500 400 $365,658 Compliments of Will Wertheim – TRG Realty – 604-787-6977 – www.AgentWill.com 300 200 100 0 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 NOTE: From 1977 – 1984 condominium averages were not separated into attached & apartment.
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2 Responses to “January Vancouver Real Estate Statistics Out Now”
I always start with the monthly ongoing cost when I’m financing something. It has to fit within the budget of excess cash flow and I have to see myself as being able to pay for it over the long term otherwise the deal breaks instantly. Next, everyone wants a deal. Noone wants to pay fluff (interest) just because the vendor thinks they can charge it to us. If the difference between 3.9% financing and 0% financing for 5 years on a car valued at $25k will be worth $1000 to me, then give it to me. I’m buying your item, this is supposed to be a buyer’s market, so stop charging me extra to buy your item. Next, give me a good deal on your item. Prove to me that saving the $1000 in financing by going 0% isn’t just something you’ve tacked onto the price of the item. Show me how your price is comparable to other vendor’s comparable items. So to answer your question I look at: first the monthly, second the cost of financing, third the price of the item. And I do the same thing when house hunting, too.
You said
“You can clearly see that January did better than December on the benchmark value. Is that so hard to believe? No. December generally stinks in terms of sales”
If you look at the stats, we had less sales in Jan then we did in December so I think hat the benchmarks are quite off this month based on lower sales. I can tell you for a fact that prices were down in south delta detached but the stats show prices up by just under $100,000.00. I know 2 of the houses that sold in January were very High end 4 Bedroom homes and probably skewed the Benchmark calculations substantially. The Benchmark is good but not perfect.
Vancouver, BC 
I always start with the monthly ongoing cost when I’m financing something. It has to fit within the budget of excess cash flow and I have to see myself as being able to pay for it over the long term otherwise the deal breaks instantly. Next, everyone wants a deal. Noone wants to pay fluff (interest) just because the vendor thinks they can charge it to us. If the difference between 3.9% financing and 0% financing for 5 years on a car valued at $25k will be worth $1000 to me, then give it to me. I’m buying your item, this is supposed to be a buyer’s market, so stop charging me extra to buy your item. Next, give me a good deal on your item. Prove to me that saving the $1000 in financing by going 0% isn’t just something you’ve tacked onto the price of the item. Show me how your price is comparable to other vendor’s comparable items. So to answer your question I look at: first the monthly, second the cost of financing, third the price of the item. And I do the same thing when house hunting, too.
Hey Will,
You said
“You can clearly see that January did better than December on the benchmark value. Is that so hard to believe? No. December generally stinks in terms of sales”
If you look at the stats, we had less sales in Jan then we did in December so I think hat the benchmarks are quite off this month based on lower sales. I can tell you for a fact that prices were down in south delta detached but the stats show prices up by just under $100,000.00. I know 2 of the houses that sold in January were very High end 4 Bedroom homes and probably skewed the Benchmark calculations substantially. The Benchmark is good but not perfect.