Largest Price Declines for Homes For Sale in Vancouver


Blog by Arnold Shuchat | June 14th, 2013


The information contained herein has been derived from reported listings in the Vancouver West and East selling areas.

The bracketed numbers represent last week's stats from this same report.

Below is this week's chart of the largest price declines (those over 5%) for Vancouver homes for sale. In the last week ending Friday morning at 11:42 am, there were 149 (222) price changes of which 144 were price declines. The average price decline from among the 212 declines was $32,983 ($48,719) or 3% (4%).

87(129) of the (212) properties or 67% (61%) were apartments the average price decline for which was $20,160 ($20,093 )or 3%,

6 out of the 144(212) or 4% (1%) of the declines were duplexes averaging a decline of $21,426 ($32,500) or 4% (3%).

34 (56) or 24% (26.4%) of the declines were attributable to houses averaging a price decline of $72,568 ($99,016)  or 4% (4%).

16 (21) or 11% (10%) of the price declines were attributable to townhouses averaging a price decline of $15,963 ($23,910) or 2% (3%). 

One might begin to conclude that there could be a slight deceleration on price declines, both in number and in magnitude.
I use price declines both because of their interest to buyers, who are more interested in internet web research than sellers, but also because examining the rate of change of the "changes" gives us a 2nd derivative on market prices and is an early indicator of market changes.

Secondly, with the mortgage rates just upticking as of last Monday from around 2.89% to around 3.1%, we will begin to see buyers with rate holds getting into position to activate their now preferred loan rates which will be held from a maximum of 120 days from last Monday.  Look to a more active summer than last year as a result.  In my experience, people, rightly or wrongly so are more motivated by monthly payments than by pricing.

A word of caution is necessary.  I don't always publish these numbers at the same time such that a tally 7 days back taken in the morning as opposed to late in the day may indicate a reduced count of something that might otherwise be reported later in the day.  In addition, while there is a bias in favour of "getting a listing up and running", the compliance with the reporting of sales may be a little more lax such that a report 3 weeks later would likely show more accurate numbers.  It follows then that "Sales to Active listing" numbers can be reasonably taken to be understated in these type of real time up to the minute reports as the sales are likely lagging as opposed to the listing numbers.

Happy Hunting!

 
Address LP Prev LP Change %Change Tot BR Dwell Yr Blt
546 W 60TH AV 2,388,000 2,888,000 500,000 17 6 HOUSE 2012
2575 W 34TH AV 2,699,000 2,998,000 299,000 10 11 HOUSE 1925
# 212 5723 BALSAM ST 360,000 399,000 39,000 10 1 APTU 1996
# 112 555 W 14TH AV 389,000 428,000 39,000 9 1 APTU 1985
# 2205 4815 ELDORADO ME 345,000 379,000 34,000 9 1 APTU 2013
# 306 5818 LINCOLN ST 209,000 228,000 19,000 8 1 APTU 1997
# PH8 4818 ELDORADO ME 349,000 379,000 30,000 8 1 APTU 2013
2997 W 35TH AV 2,388,000 2,588,000 200,000 8 5 HOUSE 2008
# PH5 4818 ELDORADO ME 369,000 399,000 30,000 8 1 APTU 2013
# 404 1075 COMOX ST 184,900 199,900 15,000 8 1 APTU 1969
536 E 28TH AV 1,199,000 1,295,000 96,000 7 6 HOUSE 1986
# 401 3520 CROWLEY DR 276,000 298,000 22,000 7 1 APTU 2001
# 201 6279 EAGLES DR 480,000 517,000 37,000 7 1 APTU 2005
# 603 1200 ALBERNI ST 497,000 530,000 33,000 6 2 APTU 1996
# 201 1010 BEACH AV 1,690,000 1,799,000 109,000 6 2 APTU 1991
3531 ETON ST 1,098,000 1,168,800 70,800 6 3 HOUSE 2010
# 21 120 POWELL ST 1,599,000 1,699,000 100,000 6 3 APTU 1993
# 1803 4815 ELDORADO ME 329,000 349,000 20,000 6 1 APTU 2013
3476 W KING EDWARD AV 1,690,000 1,790,000 100,000 6 6 HOUSE 1920
4818 QUEBEC ST 1,698,000 1,798,000 100,000 6 7 HOUSE 1997
# 1001 1280 RICHARDS ST 695,000 735,000 40,000 5 1 APTU 2008
3039 W 28TH AV 1,750,000 1,850,000 100,000 5 6 HOUSE 1969
1 - 452 E 16TH AV 898,000 948,000 50,000 5 4 DUPXH 2013
2 - 452 E 16TH AV 898,000 948,000 50,000 5 4 DUPXH 2013
# 306 1518 W 70TH AV 369,000 388,800 19,800 5 2 APTU 1991
935 NICOLA ST 579,000 609,900 30,900 5 2 APTU 1988
# 1405 1420 W GEORGIA ST 379,000 399,000 20,000 5 1 APTU 2002
# 1212 4655 VALLEY DR 569,000 599,000 30,000 5 1 APTU 2001
# 1101 5425 YEW ST 759,000 799,000 40,000 5 2 APTU 1986
2288 W 13TH AV 949,000 998,000 49,000 5 2 TWNHS 2004
# 3 1350 W 14TH AV 1,998,000 2,098,000 100,000 5 2 APTU 1998
# 201 1234 PENDRELL ST 419,000 439,900 20,900 5 2 APTU 1975
555 W 64TH AV 2,080,000 2,180,000 100,000 5 5 HOUSE 1995
3115 W 12TH AV 2,128,000 2,230,000 102,000 5 7 HOUSE 1988
# 102 528 BEATTY ST 399,900 419,000 19,100 5 1 APTU 2008
# 302 1860 ROBSON ST 839,000 879,000 40,000 5 2 APTU 1987
# 802 4815 ELDORADO ME 439,000 459,900 20,900 5 2 APTU 2013
# 1103 1680 BAYSHORE DR 953,000 998,000 45,000 5 2 APTU 2002
1922 MCNICOLL AV 1,695,000 1,775,000 80,000 5 3 DUPXH 2013

If you, your friends, family or people you care about are thinking of buying or selling a property, please
email me at: ashuchat@shuchatgroup.com or call me at: 778-227-7325 to discuss
a detailed purchasing or marketing plan which could help save thousands of dollars.