Blog

 
Back to Blog

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
 
August: $1,371,663
September: $1,315,517
October: $1,279,528
 
3-Month Average: $1,322,236
 
1-Year Change: -6.6%
3-Year Change: +30.8%
5-Year Change: +75.4%
 
Number of Sales
 
August: 46
September: 46
October: 52
 
Number of New Listings
 
August: 209
September: 314
October: 232
 
Total Listings (includes condos)
 
August: 3812
September: 4314
October: 4241
 
Total Sales (Includes condos)
 
August: 333
September: 323
October: 285
  
Summary
 
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.....

Comments

No comments

Post Your Comment:

*indicates required fields.
Your Name:*
Please note, your email will not be shown publicly
Your Email (will not be published):*
Comment:*
Please type the text as it appears above:
Elizabeth Toth
Thanks so much for your help - you did an excellent job matching us with the property we love.  We...
More...

MY OFFICE

CALL       604–264–TELF (8353)
EMAIL      TELF@TELF.CA
MAIL        5487 West Boulevard
                Vancouver, BC, V6M 3W5