Vancouver West Real Estate Stats - Detached Houses
The following is a summary of stats released by the Real Estate Board of Greater Vancouver. Most of it is specific to detached houses on the Westside of Vancouver.
Housing Price Index
3-Month Average: $1,322,236
1-Year Change: -6.6%
3-Year Change: +30.8%
5-Year Change: +75.4%
Number of Sales
Number of New Listings
Total Listings (includes condos)
Total Sales (Includes condos)
Sales are UP for detached houses, but down for condos.Prices are down.
Listings are down.
Two months, however, does not a trend make. And listings SHOULD be back down in the 16,000 - 17,000 range for a "balanced market". But they do seem to be on their way down.
The trend of sales going down cannot continue indefinitely -- Vancouver has a positive net migration, people have children, people get married, children move out, people die, people get divorced..... (although not necessarily in that order!)
The Canadian dollar is down, and everyone, everwhere would love to move to Vancouver.... which just became that much more affordable! So houses have to sell and people have to buy!
If sales go up and listing counts continue going down, housing prices will, by nature of supply and demand, be forced back up fairly soon.
Is that a good thing??? Now that depends on whether you've already bought your own home!
So WHEN are the prices going back up? That willl have to wait for my next blog post.....