Vancouver Real Estate Market

My hubby and I bought and flipped a condo in 2007.

Now I think the market is cooling down so I am preparing myself to buy and keep.

I am looking at the real estate stats published by the Real Estate Board of Greater Vancouver (REBGV). Residential sales in Greater Vancouver was the highest in 2007. Sales in August 2008 was lower than August 2006.

“In August, properties on average remained on the market longer than we’ve seen in recent years,” said Dave Watt, REBGV president.

Since May 2008, the benchmark price has decreased about 3-4% for all types of properties (detached, attached, condos) in Greater Vancouver.

For detached homes, the 5 year change on price is +78.1% in Greater Vancouver. Vancouver West has the highest increase of 98.1% over other areas in Greater Van. In areas like Port Moody and Pitt Meadows, the price change over 1 year is already negative.

For attahced homes, the 5 year change is the highest in Vancouver East (104.4%). The one year change is double digit (13.2%) compare to other areas in GVRD. No negative change over one year (at least not very significant 0.1%).

As housing price increases in GVRD, first-time home buyers who cannot afford single family homes in desirable Vancouver West bought attached home in Vancouver East. This is where we bought our condo because of its affordable price.

For apartments, there are several areas with more than 100% change over 5 year (Port Co, Vancouver E, New West, Richmond). Areas experiencing negative increase over 1 year included West Van, North Van, and Vancouver West).

I think this is because of the higher real estate prices, first-time home buyers who usually can afford only apartments, condos buy in the suburbs or less desirable areas in Vancouver. Recent years, the prices got so high in desirable areas that it is leveling off (West Van -4.9%).

Over the 5 years, apartments (condos) has the largest price increase, followed by attached homes.

Check out www.realtylink.org for the stats.