Vancouver Property Market Statistics - The Sky is Not Falling In
Vancouver Property Market Statistics - The Sky is Not Falling In
Records Set for Volume and Price, Province Wide
The recently published Landcor report for 2008 states that in 2007 new record highs were set for the total dollar value of sales, a total of $62 billion of property was sold, a 15% gain from the previous year, and three times higher than the 2001 value. ($18.9 billion)
In spite of media reports indicating a slower market due to affordability issues in the Fraser Valley and Metro Vancouver areas doller values and home sales remained strong, with the average sales price of residential property in BC increasing for the sixth consecutive year, rising from $392,684 to $339,694 a $15.6% increase
The biggest gains in median prices were seen in vacant land, the median price rising to $150,000 from $100,000 a fantastic 50% increase!
Median prices for detached property, province-wide rose 17.7% to $412,000 from $349,900.
Attached property in BC also saw substantial gains of 12.5% with median prices rising to $337,500 from $300,000.
The Landcor cites several drivers for the continued growth in BC:
Job Growth above 3%,
Net Migration of around 56,000 persons,
Personal Income Growth of above 7%,
Favourable Mortgage Rates,
BC’s high quality of living and,
An overall healthy lifestyle and environment.
Landcor indicate that economic fundamentals and market conditions remain strong, which is conducive to high sales volumes and rising prices, so the outlook for 2008 is definitely promising, the sky is certainly NOT falling in!
April 21st, 2008 at 2:14 pm
i concur with the above analysis. there is some doom and gloom out there but given the record number of sales we have experienced, it is normal to expect the market to settle down. The continued in-migration will keep the market moving, albeit at a slower pace. i am still experiencing high end US buyers and lower end UK buyers. the latter are mostly planning to immigrate to vancouver and the former purchase vacation homes. i believe we will have an unprecedented upturn in the market that will go through to 2015.
April 21st, 2008 at 4:48 pm
Hi Maggie,
Interesting feedback. We are also experiencing many UK and US buyers migrating in. CMHC senior analysts don’t know what the percentage of buyers are from overseas, but they are trying to pinpoint that. Either way, we have a strong market with strong fundamentals! Good to hear from you.
Regards,
Richard