Vancouver prices edge up in January 2008

The Real Estate Board of Greater Vancouver (REBGV) benchmark price for a home in Vancouver edged up in the first month of 2008 – the new benchmark prices are as follows:

Single Family Home:  $742,490 (+ $12,091)
Attached / Townhouse:  $462,627  (+ $5,686)
Apartment / Condo:   $378,336 (+ $757)

Full stats are available from Paul Boenisch at nvcondos.ca.

In the Fraser Valley prices are down in many areas compared to December 2007, but still up year over year.  An increase in listings has pushed the Fraser Valley into a ‘buyers market’ according to the Fraser Valley Real Estate Board.  Detailed analysis of the Fraser Valley market can be found at the Financial Planning and Personal Sanity blog.

So far the Vancouver real estate market has been remarkably resilient – recession fears, a writers strike, complaints about affordability and markets dropping around the world have not dampened speculation in the Vancouver market.  Will we see a change in 2008 or can we expect to see higher prices in the next 12 months?

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dont worry be happy
dont worry be happy
12 years ago

Vancouver,s special. Property never loses value, interest rates can never go up. There is no speculators. We can't have a recession. Canada is different than the rest of the world.

I have never heard so much crap from adults in my life as I hear from realtors and the media realestate shills.If people want to believe their spin they put on everything than they deserve a 40 year mortgage for some overpriced poorly built shack nestled in a crime invested dump like Vancouver.

evergreen
evergreen
12 years ago

I’m priced out right now. There is nothing I can do about it. Just gotta keep living life.

Me, too. I've missed the boat and won't be jumping excitedly onto any raft that comes by.

Andreas
Andreas
12 years ago

Shrug. I don't care anymore. The more you guys bicker the more I laugh.

How many of you are ready to buy a place granted the bank will give you a mortgage if prices drop like insanely fast?

I'm priced out right now. There is nothing I can do about it. Just gotta keep living life.

freako
freako
12 years ago

The accepted definition of a recession is two quarters of negative real GDP growth.

By this definition, we can't obviously confirm one until Q2 2008 has closed. It will take more time to compile the numbers. But if the growth turns out negative, we are in a recession now.

The annualized pace for Q4 2007 was 0.6%, it was probably negative for December. When economist say that we are in a recession now, they don't mean that it is a proven recession. They are saying that growth is negative, and a formally defined recession is bloody likely.

Drachen
Drachen
12 years ago

Therault:

"..real, happy and oh-so-positive!"

Well we're not here to blow sunshine up your ahh .

Positive thinking is great for creative pursuits but unrealistic positive thinking doesn't help anyone it just creates unrealistic expectations, bubbles and unwinable wars.

krrish1
12 years ago

in my opinion

"if you lose your girl friend that would be recession and if i lose my girl friend that would be depression"

Therault
Therault
12 years ago

..while we are on the topic we should also define “depression” to to keep the conversation real

..real, happy and oh-so-positive! 😀

The food bank can be a great place to meet your neighbors!

blueskies
blueskies
12 years ago

and they should at least know what the word means and why we’re hearing it so often these days.

very good point!… and while we are on the topic we should also define "depression" to to keep the conversation real 🙂

Snark
Snark
12 years ago

I’m guessing 90% of the people who poked fun at this person don’t know that recession is defined as 2 consecutive quarters of GDP decline I'm guessing you're wrong. I'm by no means an economics wizard, but even with a passing interest and the reading of occasional newspaper article it would be hard not to know how a recession is defined. Like it or not recession fears are playing large in the media right now and almost every article has that basic definition in it for clarity. It IS possible that we are already in a recession, but we wont know for sure until the numbers are all in for two quarters. Sorry all my comments can't be informative and educational, but the definition of a recession is pretty basic and my main point still stands: a recession would have… Read more »

Londonernow
Londonernow
12 years ago

sorry full link with a tinyurl

http://tinyurl.com/2zaxcy

Londonernow
Londonernow
12 years ago

Bloomberg top news link: Canada Economy Reels as U.S. Slowdown Cuts Factory Orders, Jobs

http://www.bloomberg.com/apps/news?pid=20601082&a

Obviously thought this is no consequence to Vancouver.

Anonymous
Anonymous
12 years ago

I think Cympl's point was that the US can't be in a recession right now because a recession is 2 quarters (6 months).

He is incorrect, they may very well be in a recession, but we won't know until 2 quarters have passed. You can only really prove a recession has occured in hindsight.

ReductiMat
12 years ago

Cympl, are we experiencing inflation right now?

Re-diculous
Re-diculous
12 years ago

I seem to recall that Las Vegas was the hottest RE in the US just a few years ago……why rather like Vancouver. Look at it now: "Las Vegas tops Foreclosures list"

http://money.cnn.com/2008/02/05/real_estate/zip_c

blueskies
blueskies
12 years ago

Blow hards are evident here on this blog

they provide 80% of the heat in here

good way to stay warm n'toasty 🙂

Strataman
Strataman
12 years ago

"we are already in a recession (not possible) or we are heading into a recession" Really? aren't you the expert. Most all of my friends know the definition of recession, mind you they read as opposed to watching some stupid reality TV. Funny though your saying exactly what all the experts in the states said, nope no possibility of a recession. Do you know our lumber industry is IN recession NOW? Do you? Do you know that 80 cents of every buck anybody in this town makes averaged over the population is Forestry? bet you don't. Next time you buy of use something just take 80% of the buyers or users away and 80 % of your health care and government services. Blow hards are evident here on this blog your a big one! (Not possible) 🙂

blueskies
blueskies
12 years ago

fascinating read on mortgage debt and that "other" great depression

http://tinyurl.com/38ckgg

Cympl
Cympl
12 years ago

" 'what is a recession'?

Oh geez. Unless happy thoughts and faith are enough to save us, we’re in more trouble than I thought."

I'm guessing 90% of the people who poked fun at this person don't know that recession is defined as 2 consecutive quarters of GDP decline…I'd rather have someone tell me they don't know what a recession is than have blow hards tell me we are already in a recession (not possible) or we are heading into a recession (please let me use your crystal ball).

Anon
Anon
12 years ago

Something I really don't understand is people who deny the bubble, but bought in 2001-2002. They're sitting on a potentially fat profit if they sell now and rent for a while. I only know ONE person who did that. Sold there house last year in Richmond and waiting now. They're going to look like geniuses when they can buy a BETTER house, and located in Vancouver Westside, in a few short years with their profits.

But no, 99% of people don't want to take the risk of selling because prices MIGHT double again in the next few years i.e. they will be priced out forever and/or lose out on even more paper profits.

btk
btk
12 years ago

Re:#2806-939 Homer. The Pinnacle is not only one of the uglier buildings downtown, it's become quite well known for being over run with trouble makers. The Resident Manager (Marco) was replaced and the next one quit. The building has a lot of damage in the common areas, and one elevator is always broken. Several of the residents I know in that building say there is a problem with drug dealing and that the strata has hired a security guard , part time, to try to combat the problems. On a positive note they say that the pool is looking cleaner lately. But hey, buy that unit for $1.495 today and you will be able to sell it for $3 million in two years… Just ask the trolls on this board. Vancouver is different and despite a recession everywhere else Vancouver… Read more »

crabman
12 years ago
Reply to  btk

When I lived there, a prostitute was knifed to death on the 10th floor, and the cops shot a drug dealer in the parking garage. Also, some jerk-off would set off the fire alarm about once a month (usually around 11:30PM).

Oh, and some guys with crowbars once broke into the mail boxes…

Glad to hear about the pool though!

richard
richard
12 years ago
blueskies
blueskies
12 years ago

there are two kinds of markets

rising (up)

balanced (non up)

negative sentiment will

not be entertained!

Mold City
Mold City
12 years ago

down market? Whats that? Don't you know real estate only goes up?

😛

Digi
Digi
12 years ago

That lowball report link is a good one, thanks for being on topic michael. I imagine it would be pretty scary to come across a link like that when you're trying to sell your house in a down market, what with all of them being at least 25% off the asking price.

Digi
Digi
12 years ago

There's a big difference in house prices across canada, lets not make the mistake of thinking the canadian housing market is in the same position as the vancouver housing market.

patriotz
patriotz
12 years ago
Reply to  Digi

Vancouver is 70% more than Toronto with the same rents. Not to say prices in TO can't fall but there are some properties that are cash flow positive, and I wouldn't call that a bubble.

Ottawa and Montreal are cheaper than Toronto. Ottawa in particular has high incomes, low taxes, and low house prices.

No there is no nationwide bubble. Nothing compares to BC, not even Alberta these days.