Vancouver & Lower Mainland Housing Price Declines

Blog by Arnold Shuchat | January 18th, 2013

I just did a similar analysis to my previous Blog/Tweet/post to look at price changes which includes the following areas altogether: East, North & South Burnaby, East Vancouver, Vancouver West, West Vancouver and New Westminster.  I excluded Richmond, to get a feel for what major differences might appear.

As of January 18, 2013 at the time of this blog writing, there were 281 price changes  in the last 14 days of which 271 were price reductions and 10 were price increases. The average price change was a 3.61% decrease including the data from the total population. The largest percentage decline was 16.76% or $600,000 on a 6 bedroom house on the west side previously priced at $3,580,000 and the largest absolute price decrease was $2,900,000 on a 10,000+ sq ft mansion now "on sale" for only $19,900,000.  Unbeknownst to you readers, it sounds like a real deal now given that the original asking price was $31,900,000 in October of 2011!  It was purchased in 2003 for only $6,000,000.  Clearly, the press ought to be focussing on this "price reduction" from $31,900,000 to $19,900,000 for maximum effect.  Remember though, it hasn't sold yet.

There were 1449 new listings, 281 price changes and 322 sales in the last 14 days.  The sales to active ratio was 22% whereas in my previous post dealing with Richmond exlusively the sales to active listing ratio over the period was 18.6%.  These numbers are substantially different than what could be taken away in the table posted here earlier in the week since they include all property types, not just detached single family homes.  Being that this includes lower priced property, the 18.6% is substantially higher than the approximately 6-7% for the more expensive SFDs in the Richmond analysis.