Monday, July 2, 2012

Mon Post #1: Vancouver home prices are dropping

Realtor Larry Yatkowsky is out with his latest figures and for the fourth consecutive month the average detached home price in Vancouver has dropped.

Prices have gone from February’s high of $1,235,244 to a current average price of $1,061,067.

More significantly detached home sales are down 37% from this time last year and total active detached listing have soared 27% higher than this time last year.

Over on the blog Vancouver Price Dropwe are starting to see some significant price reductions. A couple of examples...

Address:# 206 1477 FOUNTAIN WY, False Creek, Vancouver West
March 09V924617$568,000$00%
March 12V924617removed
March 28V939572$498,000$-70,000-12%
Open House: May 27
Open House: Jun 03, 10, 24
Open House: Jul 01
June 30V939572$320,000$-248,000-44%
Assessment: $463,000
Amazing Value-best price in the Creek! Experience one of Vancouver’s choicest communities at Granville Island with all its shops, restaurants, theatres and galleries. This well finished 2 bedroom condo exploding with light, enjoys a sunny SE exposed fenced patio in a tranquil setting. It also acts as a second entrance. With close to 1400 sq ft that will take your household furniture, a vaulted living room with garden outlook, air conditioning for comfort and a rustic kitchen with nook and library, you’ll feel instantly at home! Pluses include custom ensuite, large walk in closet, storage locker and full security. Easy wheel chair access & larger doors in the condo ease access. Open House every Sunday 1 to 3!

 Address:4611 WOODBURN RD, Cypress Park, West Vancouver
March 15V937107$3,388,000$00%
April 11V937107$3,188,000$-200,000-6%
April 24V937107$2,888,000$-500,000-15%
May 01V937107$2,688,000$-700,000-21%
Open House: May 20, 27
Open House: Jun 03, 10, 24
June 29V937107removed
July 02V959849$2,398,000$-990,000-29%
Assessment: $2,279,000
This 58,806 sq.ft. (1.35 acre) property offers total privacy with awesome ocean views. The gated entrance leads to a private rock bluff setting overlooking the views from Lion’s Gate Bridge to Vancouver Island. This spacious 5615 sq. ft home offers 3 bedrooms, 3 bathrooms, vaulted ceilings, sun drenched decks and a master bedroom with spa like ensuite. Perfectly located near Caulfeild Village, Rockridge High School and Caulfeild Elementary. This home offers a 3 car garage and indoor swimming pool to complete the package.

 Address:3529 MATHERS AV, Westmount, West Vancouver
March 09V924752$4,188,888$00%
April 12V924752removed
April 21V944692$3,980,000$-208,888-5%
May 26V944692$3,688,000$-500,888-12%
June 29V944692$3,288,000$-900,888-22%
Assessment: $3,412,000
A Sensational, almost new 5500 SQ FT, 5 bedroom, 8 bathroom home in sought after West Bay with good City and Ocean Views. Walk to Erwin Park Elementary School & the Beach. This luxury home features a large gourmet kitchen, large family room and elegant living and dining areas. The upper level features four bedroom suites including a lavish Master Suite with private patio overlooking the ocean. Enjoy a fully finished lower level with Games Room, Wine Room and Gym plus bedroom for nanny. Other features of this finely detailed home include beautiful hardwood floors, state-of-the art security system, hot tub, exercise room, wine cellar, triple garage, heated driveway. Best value in the Westmount/West Bay area…


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  1. Avg Price Feb - $1,235,244 to Current - $1,061,067 corresponds to a 14% drop in 4 months.


    1. Median Vancouver prices for SFH based on demographics and income levels should be around 300K on Vancouver East side, and 450K on Vancouver West side. West Van should be 400K and North Van 300K. Richmond / Burnaby / New West / Coquitlam should be no more than 300K, South Surrey / White Rock should be 300K and Surrey should be 200K. Abbotsford and points East should be 150K. I believe these prices are inevitable, the only question is how long before we see these prices in real terms, even if not in nominal terms.

  2. On a post further down on that blog he discovers that about 50% of listings in Van have dropped their price. I think the evidence is clear.

    There is a great video on a blog which I discovered via the Van Condo Info site. He describes what a correction could look like.

    1. This links to Steve Keens site, but where's the vid?

  3. Good. Hopefully my five years of renting after selling my house in 2007 will begin to pay off.

    1. How much do you put on your 5-year "peace of mind"? Quality of life gets a lot better once you no longer worry about the value of your house...

  4. I got out of Kits, exactly one year ago, perhaps at the very top of the market. It was a tough decision at the time but one I knew I had to make. Since selling I would have to say my state of mind borders on the euphoric, knowing how fortunate I am to have acted as I did (opposite the herd), and quality of life as unexpectedly sublime.

    1. Same. Got out in October 2010 and am glad for it!

  5. # 206 1477 FOUNTAIN WY is undergoing a multi-million dollar, long overdue leaky condo reno. Maybe the owner got religion as Roubini would say.