Vancouver is divided into two areas - Vancouver Westside and Vancouver Eastside. Vancouver Westside, which runs west of Main Street to
UBC (now its own municipality) is the most expensive of the two areas. Vancouver Eastside, runs east of Main Street to Boundary Road on the border with
Burnaby.
The January-March 2011 real estate market in Vancouver saw listings for houses, townhouses and condos in both areas increase slightly over the same period last year. The market also showed a significant increase in sales.
Main street is represented by the red line - Google map
Year to date listings
(as of March 31, 2011) |
2010 |
2011 |
% Increase / decrease |
| Vancouver - East area |
1,601 |
1,646 |
+ 3% (inventory increased) |
| Vancouver - West area |
3,791 |
3,950 |
+ 31% (inventory increased) |
|
|
|
|
| |
|
|
|
Year to date sales
(as of March 31, 2011) |
2010 |
2011 |
|
| Vancouver - East area |
866 |
958 |
+11% (inventory decreased) |
| Vancouver - West area |
1,615 |
2,079 |
+30% (inventory decreased) |
The Vancouver real estate market saw sales in March higher than January and February, showing a strong start to the year. The beginning of the year saw multiple offers which became more rare as the number of listings increased for spring. Interest rates have moved up slightly,with a five-year term at 3.8%. Houses continue to outperform townhomes and condos as this market is driven by Mainland Chinese buyers.
Vancouver Real Estate Prices - Market Trends
Vancouver real estate prices have been on a steady rise since the beginning of 2002. Prices peaked in the spring of 2008 before declining by about 20-25%. The market regained this loss by late 2009 through to spring 2010. The market is now divided into two sections - the offshore buyers and the local buyers. The offshore buyer market (Westside houses and luxury condos) is outperforming the local market. Take a look at the benchmark price for Westside homes vs. townhomes and condos over the last year. Houses outperformed due to strong buyer demand.
Who is Buying in Vancouver?
Local
first-time buyers continued to be a big part of the market in 2011, as many rushed to have their contract submitted to their lender prior to the tightening of mortgage rules on March 18. The Westside Vancouver house market continues to be a favourite with Mainland Chinese, who are also the main buyers for luxury condos over $2 million. Multiple offers are normal in the Westside house market.
Vancouver West Side - March 31, 2011
|
Houses |
Townhouses |
Condos |
Total listings for 2011
|
1,081 |
409 |
2,460 |
Total sales for 2011
|
655 |
203 |
1,211 |
| Average days on market (sold) |
31 |
37 |
43 |
Average price/unit
(new) |
$2,677,552 |
$1,059,759 |
$883,932 |
Average price/unit
(resale) |
$2,280,433 |
$885,045 |
$634,930 |
Average sale price/List price ratio
|
101% |
98% |
97% |
Benchmark Price
(2011 vs. 2010) |
+15.5% |
+1.6% |
+1.6% |
Benchmark Price
(2011 vs. 2006) |
+80.7% |
+41.5% |
+32.4% |
Benchmark Price
(March 31, 2011) |
$1,843,546 |
$771,100 |
$511,228 |
Vancouver East Side - March 31, 2011
|
Houses |
Townhouses |
Condos |
Total listings for 2011
|
816 |
192 |
583 |
Total sales for 2011
|
491 |
115 |
352 |
| Average days on market (sold) |
31 |
40 |
34 |
Average price/unit
(new) |
$1,240,429 |
$621,257 |
$384,642 |
Average price/unit
(resale) |
$833,124 |
$541,865 |
$363,396 |
Average sale price/List price ratio
|
101% |
99% |
98% |
Benchmark Price
(2011 vs. 2010) |
+9.8% |
+5.8% |
+2.2% |
Benchmark Price
(2011 vs. 2006) |
+43.3% |
+42.7% |
+32.4% |
Benchmark Price
(March 31, 2011) |
$777,776 |
$548,312 |
$336,542 |
*The benchmark price represents a typical property within each market.
What’s Selling in Vancouver BC? (2011)
Vancouver Westside house sales:
› 16 sales under $1 million
› 330 sales between $1 and $2 million
› 303 sales between $2 and $4 million
› 46 sales over $4 million
› Most expensive was $11,980,000
› Least expensive was $628,000
Vancouver Westside townhouse sales:
› 17 sales under $500,000
› 110 sales between $500,000 and $1 million
› 55 sales over $1 million
› Most expensive: $3,250,000
› Least expensive: $314,000
Vancouver Westside condo sales:
› 688 sales under $500,000
› 497 sales between $500,000 & $1 million
› 137 sales over $1 million
› Most expensive: $7,100.000
› Least expensive: $209,000
Vancouver Eastside house sales:
› 5 sales under $500,000
› 150 sales between $500,000 and $700,000
› 287 sales between $700,000 and $1 million
› 71 sales over $1 million
› Most expensive: $1,381,000
› Least expensive: $430,000 (lot value)
Vancouver Eastside townhouse sales:
› 29 sold under $500,000
› 51 sold between $500,000 and $1 million
› No sales over $1 million
› Least expensive: $388,000
› Most expensive: $960,000
Vancouver Eastside condo sales:
› 318 sales under $500,000
› 40 sales between $500,000 and $1 million
› Zero sales over $1 million
› Least expensive: $135,000
› Most expensive: $980,000
Overview of Vancouver property prices
The Vancouver real estate market continues to do well in the first quarter of 2011. Houses had the best appreciation. As Vancouver Westside prices become unaffordable to the local market, buyers are moving eastwards.
The market is tipped slightly in favour of the sellers, with all categories showing average days on the market for solds under 40 and average list price to sale price ratios between 97% to 101%.
Insider Tip: The inventory is slightly on the low side, giving sellers an edge. If a property is priced right it sells in a month, so buyers need to make quick decisions when they find the right property.
Written by Maggie Chandler, marketing Vancouver homes since 1981.