Making sense of what is happening inside our current Real Estate market is tough in today’s environment. Sweeping comments in conversation or news articles that suggest “The Market” isn’t doing well or that “Housing is Down” is no longer an accurate way of describing the housing sector – at least not in Vancouver. Take this little stat as an example: Vancouver currently has less inventory than it did this time last year; inventory actually dropped by 3% compared to September 2021 and is the third straight month of inventory declines in the GVRD. By comparison, Ontario’s inventory count is up by a whopping 89%.
In this week’s podcast episode, we review the bizarre case that is Vancouver Real Estate and how it measures up to its historical performance in down markets. While HPI prices are generally down across the board by about 9.5% and the median price of a home is down by 12%, we’ve seen that slow dramatically. Prices have only adjusted down by 2% over the last 3 months showing signs of an early stabilization or at the very least less downward pressure than we initially saw some months ago. However, this is where the head scratching begins as the average price of a home in Vancouver actually rose by about $44,000 last month! Sounds like some good old supply and demand economics at play again.
Unfortunately, the same can’t be said for the Fraser Valley where median prices have fallen by 25% or an average price loss of (-$455,000). North Vancouver is down significantly by a similar amount (-$470,000 albeit in a more expensive market) and West Van detached is down on average by (-$627,000) per home. It’s definitely no surprise that we are down -46% in sales volume year over year – largely driven by the cost of borrowing and unstable prices but like we’ve seen in the past, Vancouver is a resilient market and if you’re thinking of buying a home in the foreseeable future here – take advantage of this time because if inventory continues to remain this low and the economy begins to correct – we know what kind of a market we’ll be heading into.
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Dan Wurtele, PREC, REIA
604.809.0834
dan@thevancouverlife.com
Ryan Dash PREC
778.898.0089ryan@thevancouverlife.com
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