Vancouver Real Estate: Sales Down But Prices Still On The Rise
on Saturday, May 7th, 2011 at 3:10pm.
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.
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.
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
Detached Units Sold
Attached Units Sold
Apartment Condo Units Sold
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.
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.
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.