Thursday, November 3, 2011

Vancouver October 2011 House Prices

The biggest news this month is that the peak price in Vancouver continues to be June 2011. The Real Estate Board of Greater Vancouver's HPI house price index for both overall and detached has continued to meander below the June 2011 price. Detached has fallen 1.78% or $16902 (yeah, my stats teacher from college would cringe at that kind of precision being reported, but he's not here.) The overall price has declined 1.26% or $7966.

Given the global economic climate and an ongoing vacuuming up of spare credit in China it is hard to imagine the trends will reverse, but Vancouver likes to surprise.

Vancouver House Price Change Chart Oct 2011

Vancouver House Prices Graph 2010 and 2011 compared

As to sales, 2011 continues to be dead on the five year average.
Vancouver Housing Sales Detached over Five Years

As to inventory, 2011 is running 2nd or 3rd for highest inventory. You can see in 2008 how the inventory shot to the moon as financing fell apart. Yeah, the value of a house isn't inherent, it's based on how deep in debt the buyer is allowed to get. Inventory shot up so fast, REBGV stopped reporting it in their press releases. The numbers charted below are computed based on 2009's numbers and the reported percent change from the previous year.
Vancouver MLS Inventory chart over five years

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