Vancouver Home Prices Falling
February 17, 2012 Leave a comment
More Homes Available in Greater Vancouver Region
The latest data on Toronto real estate and Vancouver real estate prices shows prices of resale homes are falling. The average price of a Vancouver property fell 2.3% or more than $10k, from $762,562 in January 2011 to $752,380 January 2012. Outside of Vancouver in the Fraser Valley, Kamloops, Okanagan and Victoria regions saw prices increase. Everyone believes the so called Vancouver real estate bubble is going to burst, it’s looks instead to be a balloon with a slow leak.
The Vancouver real estate market has seen house prices rise 160% in the last decade compared to 104 per cent nationally. The ratio of home price to income is 10, almost double that in 2001. Victoria price to income ratio is at 5.7 and the Toronto price to income ratio is 6.7.
Home Sales in Vancouver in January were the lowest they’ve been since 2002. The Real Estate Board of Greater Vancouver (REBGV) reported that MLS sales in Greater Vancouver were 1,577. That is 4.9 % decrease compared to December 2011 where there were 1,658 sales recorded.
New residential real estate property listings were the highest January total in Greater Vancouver since 1995, a 19.9 % increase compared to the 4,801 new listings reported in January 2011, and a whopping 253.3 % growth compared to the 1,629 new listings reported in December 2011. Housing starts in BC cities grew to a seasonally-adjusted annualized rate of 27,000 units, a rise of 28 % from December and 8 per cent above January 2011 totals.
Although the BC economy is stable with growing exports, there is a growing glut of available housing so it’s a rare good time for real estate buyers in the greater Vancouver area.