Condo prices in the suburbs

There’s a strange article in the Vancouver Sun today – Its a very short writeup:

Now that the condominium craze has changed the Vancouver landscape and used up virtually all available space, condo fever is sweeping the suburbs and it’s there we’re finding the biggest percentage increases in condo prices.

They then publish the following list of benchmark condo price changes from January 2006 to January 2007. Prices in every area are up year over year, but I was curious to see how much of those gains came early in 2006 and how they’ve faired since September 2006 (the GVRD benchmark peak so far). I’ve added the September to January price changes below each area, with the dollar figure of price losses or gains:

New Westminster: +24.8
Sept 06: $256,336 Jan07: $260,959 [ + $4,623 ]

M. Ridge/P. Meadows: +21.5
Sept 06: $227,176 Jan07: $234,041 [ + $6,865 ]

Port Coquitlam: +18.8
Sept 06: $223,563 Jan07: $226,235 [ + $2,672 ]

North Vancouver: +17.6
Sept 06: $341,575 Jan07: $350,037 [ + $8,462 ]

Richmond: +17.5
Sept 06: $280,581 Jan07: $275,108 [ – $5,473 ]

Coquitlam: +17.3
Sept 06: $260,559 Jan07: $259,815 [ – $744 ]

Burnaby: +15.5
Sept 06: $298,821 Jan07: $292,816 [ – $6,005 ]

West Vancouver: +14.7
Sept 06: $601,004 Jan07: $549,203 [ – $51,801 ]

Vancouver East: +14.3
Sept 06:$271,469 Jan07:$273,808 [ + $2,339 ]

Vancouver West: +12.7
Sept 06: $426,810 Jan07: $422,896 [ – $3,914 ]

Port Moody: +10.6
Sept 06: $274,392 Jan07: $272,974 [ – $1,418 ]

South Delta: +6.7
Sept 06: $310,184 Jan07: $295,320 [ – $14,864 ]

13 Comments
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markx
markx
13 years ago

Looks like affordability wall to me. If California is any indication, the suburban condos will be the first to give, just like San Diego condos.

Freako
Freako
13 years ago

" Assessments are close to meaningless other that for determining what portion of property tax you have to pay. "As mentioned, one of my university buddies went to work as a property tax assessor after graduation. Very simple models."but the benchmark should at least represent what an equally valued property's price is doing month to month. "Yup, benchmark is the best we got.

satv
satv
13 years ago

THE POPE I got your point but you are also agree on some point (Because housing stock is so variable I don't think there is any perfect way to track values)that's mean this chart things can drive buyer to any direction.whatever thanks pope I will not argue any further

the pope
the pope
13 years ago

satv: I don't think you understand what the benchmark price attempts to track. It is not an average or median sale price, but is modeled after CPI. The REBGV has an explanation here.Because housing stock is so variable I don't think there is any perfect way to track values, but the benchmark should at least represent what an equally valued property's price is doing month to month.

satv
satv
13 years ago

THE POP———Thanks you giving me chance to be more efficiant.let me take you to VANWEST 1082 seymour street unit sold for 279.000 include parking 550 sqf now 2block distance VANWEST 403 Robson 536 sqf 379.000 no parking1082 seymour comes for @ 507 sqf.and 403 @707 sqf.parking not includedboth comes in Vancouver West now local realtor can tell you the diffrence acuratly but benchmark price will take average I mean to say people involved in the feilds are more acurate then the one who adjust them on computer calculations realtor are also part of REBGV but on site they make diffrence.thats my opinion

the pope
the pope
13 years ago

SATV: you seem to be saying that you prefer/trust assessed values (yearly) rather than benchmark prices that are tracked monthly by the Real Estate Board. Isn't the REBGV benchmark price more meaningful since it tracks whats selling each month and how much its selling for? Assessments are close to meaningless other that for determining what portion of property tax you have to pay.

satv
satv
13 years ago

If some one present fulty picture its bench mark or table mark still why don't we rely on clear picture that assessments show's to us realtor and evaluation organization do good justice to list price the value they add on top of assessments can be tolerable any other picture can screw millions.there is lot to bet if diffrence is 25% to 55% these are just my points of views but not to conflict with you FREAKO friends forever

Freako
Freako
13 years ago

"Real estate board takes average price which does not apply to any house and any condo then media and news papers follow the false picture set by board."No they don't. The numbers are BENCHMARKED. In other words, adjusted for the factors you mention. Go to realtylink and check it out for your self.

satv
satv
13 years ago

EXPOSE THE BIGI'SThis data you have provide is totaly pointing to the failure of media,news papers,rebgv and vancondo,and vanhouse.Real estate board takes average price which does not apply to any house and any condo then media and news papers follow the false picture set by board.Assesment value is only way to measure any price that is right but people always make mistake to read that right too,assessments measure acurately taken till june of every year so any price that change from June till december does not appear on assessment.Most Important things to accurately measure property value goes by Area, type of construction,age,locations,quiteness,loudness,property facing street,or quiteside of building,floors 1to60views/non views,sqfeet,1,2,3 bedrooms,house's floors bath rooms basement's ,conveinient etc.so east best south north counts average but never nor neither ever accurate.EAST VANCOUVERThis building on 975 east bwy van bc 55%up Jan,2006 to Dec,2006711… Read more »

solipsist
solipsist
13 years ago

I can't help but wonder what the editor's point was. Say, who's advertising in the Sun these days? It wouldn't be developments in Pitt Meadows, New West., etc., would it?

Dignan
Dignan
13 years ago

South Delta is small and there were 3 or 4 projects finishing at the same time. Can you say Glut of inventory?

Warren
Warren
13 years ago

I'm glad I don't own a condo in South Delta. Who knows what the reason is… price compression maybe. West Van has always had erratic price shifts.

the pope
the pope
13 years ago

It looks like the most expensive areas are down, while the cheaper areas are up.. is affordability an issue here?And what happened in West Van? The benchmark apartment there is down more than $50k since September. I had to double check my numbers to see if that was correct, but it seems to be.The benchmark price stats come from here, corrections welcome if I've missed something.