The current landscape of the Vancouver real estate market

Well so far it has definitely been the year of the detached housing market. 


When you look at all the current statistics, it demonstrates the insatiable desire for foreign buyers and wealthy locals to sink their cash into their own piece of Vancouver real estate. The official numbers and information from the real estate board are: 


"Sales of detached properties on the MLS® in May 2011 reached 1,570, an increase of 25 per cent from the 1,256 detached sales recorded in May 2010, and a 12 per cent increase from the 1,402 units sold in May 2009. The benchmark price for detached properties increased 10 per cent from May 2010 to $890,833."

"Sales of apartment properties reached 1,228 in May 2011, a 9.3 per cent decrease compared to the 1,354 sales in May 2010, and a decrease of 15.8 per cent compared to the 1,458 sales in May 2009. The benchmark price of an apartment property increased 2.2 per cent from May 2010 to $407,419."

"Attached property sales in May 2011 totalled 579, a 6 per cent increase compared to the 546 sales in May 2010, and a 12.8 per cent decrease from the 664 attached properties sold in May 2009. The benchmark price of an attached unit increased 3.5 per cent between May 2010 and 2011 to $517,787."

Like myself, many people have noticed a real slow down in the apartment market in the city. The change to the amortization on March 18th has definitely  had an impact on this market. However, I still believe that if you price your place correctly, competitively and present it well it should sell within a reasonable time. For many people here in Vancouver a fair price and good value for money are really taking a precedent. 


This issue really came into focus with the Olympic Village sale through Bob Rennie, the real estate marketing king in the city. When asked about the new pricing strategy, one of his replies mentioned how properties can no longer be priced according to the view and location factor alone any more. Value for money and affordability are now at the top of most peoples agendas.


I have been to a number of real estate conferences and seminars this year and this is the current mantra that will likely govern the condo market for years to come. Be aware of how Vancouver is changing, how people live, what they can afford, what value perception they have and you should have very few hurdles in your real estate quest.