Well the REBGV has just released their sales stats from april – thanks agentwill for my copy. So where did prices go last month according to the Real estate boards benchmark figures?
Yep, thats right – we have a new ‘high score’ in every category – The detached benchmark was at $695,069, the attached benchmark hit $432,490 and apartments where at $355,108. Here’s my standard short-term tracking graph updated with last months numbers:
Real estate in the GVRD is now more expensive than its ever been with prices drifting farther and farther away from rental values – one of my favorite examples was a house listed through Rob Chipmans office. It was rented for $1200 per month and was put on the market with an asking price of $620k. I’m not even going to bother running the numbers on that.
Apparently its not even worth building new rental property in Vancouver anymore – you just can’t get the cash you can from condo-hungry buyers.. So where does it all end? Your guess is as good as mine, but the number of listings are going up and the number of sales are dropping so I guess eventually we’ll figure out if there’s anything to that old ‘supply and demand’ theory.
So there you go – Numbers up in every category, this must be an interesting time to be a speculator.. Deal or no deal? Do you let it ride? Can prices go up even more? .. We’ll just have to wait until next month to find out.