REBGV Benchmark prices June 2007
One more step up the mountain - the Benchmark price for a detached home in Vancouver hit $715,715 last month according to the Real Estate Board of Greater Vancouver. Here’s my standard short term graph, we’re one month short of a year on it:
Townhomes and apartments were up as well - according to the REBGV this was the “second best June on record”. The attached benchmark hit $443,060 while the benchmark condo now goes for $360,469:
Last year prices saw a high point hit in September - Where will this years peak be?
Thanks to Agent Will for the stats package.
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July 4th, 2007 at 7:41 pm
$3,626.00 per month.
$43,512.00 annually.
That is probably 100% of the median household pretax income.
Pope, do you have the median for GV SFH?
July 4th, 2007 at 7:55 pm
Detached: $1,385,000
Attached: $700,000
Apartment: $419,000
And for Vancouver East:
Detached: $644,500
Attached: $486,000
Apartment: $299,000
Interestingly the median selling price for an apartment on the east side actually dropped $7,500 from the previous month.
July 4th, 2007 at 7:57 pm
July 4th, 2007 at 8:12 pm
Thanks, but I was wondering about GV median detached. I have this nagging suspicion that we are very very close to having the dubious honour of being the most expensive metro area in Nort America. Only Oakland and SF are higher, but I expect those medians to implode once the sales mix returns to normal.
July 4th, 2007 at 8:23 pm
July 4th, 2007 at 8:46 pm
In fact, there’s been the same five houses for sale on my street for months.
just a perspective from 45 minutes away from downtown
July 4th, 2007 at 9:14 pm
I live in Yaletown, has been since ‘97 before Yaletown was cool. Both My wife and I work for a well known Credit Union and makes $160k+ of combined income. No kids, one compact car. $270k mortgage, no other significant debt. Plenty of discrecionary spending.
So, I’m leaving the restaurant, not a cheap place to eat, it’s packed on a Wednesday night and I’m thinking to myself, where the f@#k, all these people come from? Where is all that money come from?
You know I’m not a frugal person. I practically have nothing saved for retirement, I’m a Certified Financial Planner but have no problem spending money because I believe pleasure whether it’s a daily designer coffe or an orgasm, it’s not something you can put in the bank. Unlike money what you don’t have today, you won’t have twice tomorrow. But throughing big money at the Blue Water Café on an ordinary Wednesday night….
Anyway, RE or Blue Water Café, something has got to give. This can’t be real.
July 4th, 2007 at 9:44 pm
“
Well, the numbers are based on what sells, nothing but. That is why the median can really jump around.
The benchmark, on the other hand, is adjusted for quality, probably a fair representation of relative price levels. Though I wonder if price compression monkeys with the benchmark.
July 4th, 2007 at 9:48 pm
yeah I have notice lots of cars on street these days that says alberta on number plate.
hey robsnumber congratulation on your blogsite and wish you very very good good luck.
I know robchipman only through his link on vancouvercondo.info,I have never post any comment on his site, thats why I don’t really care for what ever some one point out but I never oppose his theory I feel like he is absolutely right.congratulations once again.
July 4th, 2007 at 10:33 pm
What is his theory?
July 4th, 2007 at 10:38 pm
July 4th, 2007 at 11:18 pm
It’s the only time I am without-a-doubt confident that everything I say is 100% correct.
Of course the next day things change and…
—
Back to the topic at hand, we have been in Yaletown since ‘99. I am seeing a hell of a lot more Lambo’s, Ferrari’s and Bentley’s than I have ever seen. It has been making me go, Hmmmmmmm for some time now.
Ah well, we live in interesting times.
July 5th, 2007 at 12:10 am
July 5th, 2007 at 12:36 am
That’s right, everyone wants to live in Russia and they’re running out of land too! The winter sports will be held in the mountains of the North Caucasus, home to that other famous fun-and-games place, um, what’s it called?
Sochi will be a natural for foreign investors who will be attracted by Russia’s ridiculous visa restrictions, red tape, corruption, and enterprising “biznessmen”.
July 5th, 2007 at 1:01 am
http://tinyurl.com/35gyhx
July 5th, 2007 at 1:06 am
Sochi has been a place where everyone wanted to live since 2002. Prices have actually quadrupled, unlike in Vancouver. This housing boom affected the whole Eastern hemisphere. Prices in some parts, now, are literally 10 times higher, and I speak from personal experience.
Don’t even compare wages in Sochi and their housing prices. You’ll faint.
July 5th, 2007 at 2:56 am
The fact is that Sochi is a has-been tourist destination. Successful Russians don’t go there anymore, just as they don’t drive Russian cars. They go to places like Turkey and Egypt.
And the chances of this place attracting significant foreign tourism are about zero.
If you think the 2010 Olympics are about putting the taxpayer’s money in the right pockets, you ain’t seen nothing yet.
July 5th, 2007 at 6:25 am
The first: “July 5 (Bloomberg) — Bank of England policy makers raised interest rates for the fifth time since August and said they’re concerned inflation will stay above their target, adding to investor speculation that another move is likely this year.”
The second: ” The Bloomberg Europe Real Estate Index just completed its worst quarter in a decade and the stocks are still expensive compared with European averages. Robert Parkes, who advises pension fund managers as a strategist at HSBC Holdings Plc, said the stocks have further to decline.
“There’s a lot of negative momentum and it will continue for a while longer,” said Parkes, who is based in London. “Why try and catch a falling knife?”
The global real estate boom will come to an end, and the end will likely be spectacular for cities that have most outstripped their fundamentals. I would put Vancouver very close to the top of that list.
July 5th, 2007 at 6:30 am
This idea that everyone will want to live in Vancouver after the Olympics (they think that in Victoria too) is just nuts. I love Barcelona but how could I live there??
Can you just hear Ingrid in Dusseldorf “Wolfgang, quit your job, pack up the kids we are moving to Vancouver. It looked pretty on TV”.
July 5th, 2007 at 7:40 am
You are pretty much bang on vis a vis the fuzzy logic around the benefits of the games. My personal favourite was the study that showed the games would pay for themselves based upon increased tourism over the 20 years following the event. There will be a big party for a couple of weeks in 2010, a number of development types will have new cars and boats, and the rest of us will have something to pay off for twenty years.
July 5th, 2007 at 8:06 am
July 5th, 2007 at 8:06 am
damn those Albertans… where the hell is that place anyway?
July 5th, 2007 at 8:12 am
I believe that the canadian city which will experience the worst crash will be Edmonton. The inventories there are already skyrocketing and prices are 200% above the levels from just 2 years ago. I can understand why someone finds Vancouver attractive, but Edmonton is one of the biggest shitholes in North America.
July 5th, 2007 at 8:21 am
July 5th, 2007 at 8:29 am
You remind me of an observation I have yet to enunciate. Over the last 25 years I have noticed a dramatic improvement in the quality of autos parked outside of fairly modest homes. Likely because:
1.Credit is cheap
2.Houses are so expensive only the truly rich can afford them.
In Point Grey one neighbour (home owner-no mortgage) drives a rattle trap 10 year old Toyota. Another has a Porche and a LandRover. Guess which one is the retired teacher and which ones are the D.I.N.K.S.? Bothe their houses look pretty much the same to me.
July 5th, 2007 at 8:45 am
A mini-Dallas or Houston with Arctic winters. And Edmonton is about three times the price? Look out below.
July 5th, 2007 at 9:30 am
thanx for the good work always,these benchmarks are exclusively availabel only for user’s here.
freeko
thanks to assist the pop and puting your hard work immideatly after.
that theory you want to know is very very basic principle to keep the bussiness going.
this is what my mother once tought me some examples are given down here
doctors never say that they will let their patient die.
laywers never say that they will let their client lose.
rennie or chip never say bla bla bla.
patients die some times,clients lose some times,so does real estate sometimes.
chipman is very simple his hold or prediction is based on fact not on speculations.
his commentary changed everyday according to available source from market everyday.very simple if something is up he mention that, if some thing is down so does his commentary.
hadenough said
Hasn’t the Olympics always sort of been like the kiss-of-death for most cities? Huge debts and big party clean up?
then what a life without marriage’s,parties,and games people will freez on their sofa’s
acctualy olympics are being organized for the same reason as you said,thats to measure the impact on our social,economy,real estate and impact on our daily life and our future.
so far we are doing awesome this boom also genrate lots of jobs and rate of pay.those tonz of construction projects keeping the unemployment rate down.
after that tonz of jobs can be created to manage those projects for their life time.
nothing to worry Canada is not like tw country,our governments are capable to take people out of anything.
Dilogue:
fire on the ice our city is beautiful paradise.
July 5th, 2007 at 11:21 am
I knew a man 2 years ago who took out a second mortgage on his home to buy a hummer (that was just after his new baby was born of course).
so for myself, I don’t see any of these monthly increase in numbers as depressing - because I live where first time “detached” home buyers should be coming - and like I mentioned earlier, nothing is moving around here.
so all these numbers mean to me is a harder drop when things do turn.
July 5th, 2007 at 11:48 am
http://tinyurl.com/2wyj6e
(which I saw quoted on the Housing Panic blog) reminds me of the high-priced condos on the edge of Gastown and the DTES, e.g. the “W” building. Any stories from owners living there yet?
July 5th, 2007 at 12:41 pm
gastown is up up up more than vancouver west.”W” will complete around 2009 so still under construction.
best thing about gastown their is hardly any one selling.this town is reborn and have a bright future, another best thing people hardly need a cars here just walk around and enjoy life like heaven on earth,that cluster which bite people will be removed around 2009 may be to alberta farms.
if some one purchased in “w”district is making almost 200k on 250k purchased.this town is bryan adams town,he had sing this song heaven long time ago,lyrics of his songs become true up and coming the best of the best GASTOWN.
Heaven
Oh - thinkin’ about all our younger years
There was only you and me
We were young and wild and free
Now nothin’ can take you away from me
We’ve been down that road before
But that’s over now
You keep me comin’ back for more
Chorus
Baby you’re all that I want
When you’re lyin’ here in my arms
I’m findin’ it hard to believe
We’re in heaven
And love is all that I need
And I found it here in your heart
It isn’t too hard to see
We’re in heaven
Oh - once in your life you find someone
Who will turn your world around
Bring you up when you’re feelin’ down
Ya-nothin’ could change what you mean to me
Oh there’s lots that I could say
But just hold me now
Cause our love will light the way
Chorus
I’ve been waitin’ for so long
For somethin’ to arrive
For love to come along
Now our dreams are comin’ true
Through the good times and the bad
Ya - I’ll be standin’ there by you
July 5th, 2007 at 12:45 pm
…but Edmonton is one of the biggest shitholes in North America.
Bite your tongue! That title belongs to Gary, Indiana; all other cities are just pretenders to the (porcelain) throne.
July 5th, 2007 at 1:09 pm
The Woodwards building is still incomplete, and the Salient Group are making a new condo development by gutting and refitting a building across the street called Paris Block.
I think it is fair to say the new residents will get a real eyeful if they look around their new trendy and edgy neighbourhood. Until one of the locals kills them for their wallet.
They’d be better off in Beirut.
July 5th, 2007 at 1:10 pm
July 5th, 2007 at 2:00 pm
July 5th, 2007 at 2:24 pm
July 5th, 2007 at 4:32 pm
“Across the globe, studies show that in the long term the main driver of house prices is income. The ratio of average house prices to average incomes is currently flashing red in America, Britain, Spain and quite a few other developed countries where it has soared to record highs—ie, above levels that preceded previous crashesâ€
July 5th, 2007 at 7:50 pm
Well I guess sometimes there’s something to be said for having a government that doesn’t have to cater to Donald Trump, or Li Ka-Shing wannabees as the case may be. Imagine any government in Canada or the US doing such a thing.
July 5th, 2007 at 11:30 pm
July 5th, 2007 at 11:45 pm
the benefit of a central government…so long as it’s making good decisions and not horrific ones.
July 5th, 2007 at 11:57 pm
July 6th, 2007 at 1:12 am
Or at least babelfish it. Actually, I betcha it’d come out pretty funny.
July 6th, 2007 at 8:41 am
July 6th, 2007 at 9:30 am
The Economist bullish on East Asian housing? Sounds like a sell signal to me
July 7th, 2007 at 9:20 am