In contrast
to the near record pace witnessed at the beginning of this year, the Vancouver
real estate market seems to be normalizing. With increased inflation and rising
interest rates, sales are slowing particularitly in the entry level condo market; however
prices are still on the rise and the market continues to be very active.
Along with a decline in the number of new listings, the frenzy of last month’s activity brought a greater balance to supply and demand. The Greater Vancouver area saw a 23.5% drop in new listings compared to last April, and a 14% decline compared to last month. The year over year drop can be attributed to a less active condo market as there were slightly more detached and townhouse sales this April compared to last.
Competitively priced homes continue to sell quickly and occasionally end up in multiple offers, while prices continue to climb. Compared to April 2010, the Housing Price Index (HPI) benchmark for single family homes increased 7.4%, attached homes increased 2.4% and condos increased 2.9%
Simply broken out, Vancouver home sales look like this:
| Greater Vancouver Area | April 2011 | April 2010 | March 2011 |
| Detached Units Sold | 1,402 | 1,370 | 1795 |
| Attached Units Sold | 622 |
616 |
663 |
| Apartment Condo Units Sold | 1,201 |
1,526 |
1,622 |
Over the past 12 months, the benchmark price for all residential properties (detached, attached and condos) in Greater Vancouver increased by 5% from $539,410 to $622,991.
While our seller’s market continues, there are still significant differences in home-price trends and activity depending on your area and community. North Vancouver and West Vancouver home sales are no exception, showing steady price increases and solid inventory levels in most sub-divisions.
While attached and apartment condo price increases are modest, detached values are of particular note on the North Shore. North Vancouver’s benchmark price in April is $979,949, up from $922,764 in March 2011. West Vancouver’s benchmark price is $1,637,312 up from $1,526,596 respectively.
MLSLINK HPI - April 2011
| Property Type | Area | Benchmark Price | Price Range | 3 Month Avg Benchmark Price | 1 Year Change | 3 Year Change | 5 Year Change |
| Detached | Greater Vancouver | $879,039 |
+1.1% |
$864,830 | +7.4% | +14.0% | +41.6% |
| Detached | North Vancouver | $979,949 | +2.2% | $941,992 | +4.4% | +7.3% | +33.6% |
| Detached | Vancouver West | $1,970,056 | +2.0% | $1,911,589 | +17.6% | +36.2% | +76.8% |
| Detached | West Vancouver | $1,637,312 | +3.6% | $1,558,962 | +16.9% | +2.9% | +36.4% |
| Property Type | Area | Benchmark Price | Price Range | 3 Month Avg Benchmark Price | 1 Year Change | 3 Year Change | 5 Year Change |
| Attached | Greater Vancouver | $514.670 |
+0.7% |
$510,942 | +2.4% | +7.7% | +35.4% |
| Attached | North Vancouver | $633,455 | +2.3% | $626,357 | +0.8% | 5.1% | +32.1% |
| Attached | Vancouver West | $820,316 | +2.5% | $802.815 | +5.7% | +12.4% | +52.1% |
| Attached | West Vancouver | n/a | n/a | n/a | n/a | n/a | n/a |
| Property Type | Area | Benchmark Price | Price Range | 3 Month Avg Benchmark Price | 1 Year Change | 3 Year Change | 5 Year Change |
| Condo | Greater Vancouver | $409,242 |
+0.6% |
$404,174 | +2.9% | +5.2% | +32.2% |
| Condo | North Vancouver | $392,283 | +2.3% | $390,148 | +0.5% | +0.2% | +21.8% |
| Condo | Vancouver West | $527,089 | +1.0% | $519,516 | +2.9% | +6.7% | +33.0% |
| Condo | West Vancouver | $680,192 | +6.7% | $672,634 | -6.5 | +1.0% | +25.7% |
Stats are provided by the Real Estate Board of Greater Vancouver; feel free to view the complete REBGV Stats Package for April 2011.
Attention Google Chrome users: if you are having problems viewing the stats package, right click on the link to 'save link as' a PDF file while Google and Adobe continue to work things out ;)
| Attached | Greater Vancouver | $511,039 | +0.7% | $504,432 | +3.6% | +7.9% | +35.9% |
| Attached | North Vancouver | $637,633 | +2.4% | $612,752 | +4.6% | +2.5% | +31.2% |
| Attached | Vancouver West | $782,842 | +2.5% | $771,100 | +1.6% | +10.0% | +41.5% |
| Attached | West Vancouver | n/a | n/a | n/a | n/a | n/a | n/a |
Thanks for the update. We are seeing a similar trend here in Calgary, sales were also down in April but averages still had a rise. The bad economy is definitively behind us and now is the time to get into the real estate market.
Posted by Crystal Tost on Saturday, May 7th, 2011 at 6:03pmI absolutely agree Crystal - thanks for your comment!
Posted by Kerri Demski on Saturday, May 7th, 2011 at 6:42pmLeave A Comment