As of September 2019, according to Zolo.ca, the average house price in Vancouver is $1,115,320 with 1,335 new listings being posted in the preceding 28 days. The median amount of days on the market currently stands at 30 days and there have been 485 sales in the last 28 days. But how does this compare to last year? Favourably? Not so favourably? Let’s dig into the data little more and see if we can find some answers.
It’s certainly fair to say that in the past year the average sold price has declined relatively steadily; today’s figure of around $1.1 million does not compare favourably with September 2nd 2018’s figure of nearer $1.3 million.
The proportion of property types has remained similar in the past year; around 25% being detached homes, around 35% being townhouses and the rest being condos.
All types of properties have suffered depreciation in value over the past year; detached homes have decreased by around 14% with 2 bed detached homes the worst hit (-28%). The value of a townhouse has decreased by around 21% with four bed townhouses being the worst hit (-37%). Condos have suffered the least, but still show an overall decrease of around 2% with three bed condos coming about the worst (-15%). However the average price of a one bed condo actually increased by 2% but that’s a far as the good news goes for sellers I’m afraid.
What we can say with some certainty is that properties are on the market for far longer now that they were a year ago with the difference being particularly stark in the $500k to $750k and $750k to $1m brackets ( an extra three and six days respectively).
West Vancouver is, on average, the most expensive place to be a buyer with the average house price being $2.4 million. There’s then quite a jump as we move to Vancouver and Bowen Island in second and third ($1.1 million and $1 million respectively).
At the bottom, Tsawwassen is the most affordable region with an average house price of £353k, with New Westminster (£606k) and Port Coquitlam ($615k) immediate above in the rankings. Let Paul Eviston the top Vancouver realtor help.