Vancouver Price Drop

Documenting Vancouver real estate price movements

Drop From Peak Chart – January 2013

Here is an updated chart showing the pace of the Lower Mainlands price drop from peak compared to other regions.   In this chart I have combined the data from Vancouver West, Vancouver East, North Vancouver, West Vancouver, Richmond, Burnaby and New Westminster.  This is a good representation of the metro Vancouver area and is a more accurate comparison.  HPI data is being grabbed from MLS HPI

As you can see, after 8 months we are only above Miami.  Our combined and averaged HPI drop from single family homes is now 7.57% with a drop of just 0.19% in January mainly due to 2.1% and 1.0% gains in West Vancouver and North Vancouver in January.  The weakest area was Burnaby with an averaged 1.5% drop in the month.  Typically HPI prices are stronger in the spring months so it will be interesting to see what develops.

Click the image to see the full size image

Chart

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13 responses to “Drop From Peak Chart – January 2013

  1. Pingback: vancouver's real estate bubble - Page 18 - Vancouver's Top Classifieds and Automotive Forum - REVscene.net

  2. J February 9, 2013 at 2:46 pm

    Thank you for the work you put into this, really interesting stuff. An chance you could add Toronto to this chart, it would be a interesting comparision.
    Cheers

  3. Bob Bentley February 10, 2013 at 12:31 am

    Las Vegas it is!!

    • Jonnie February 11, 2013 at 4:18 am

      I bought in Vegas in Jan 12, By Jan 13 my assessment was 20% above what I paid when I did the deal in Nov 11 , and at that time, I had paid 20% below assessment !! Nice Profit if I sell.
      5400 sq ft with 12ft high ceilings in exclusive fated community with $300 per month service charges.

      • LS in Arbutus February 11, 2013 at 8:09 am

        Good for you, but give us some numbers! That’s the interesting bit. And… were you able to rent it and how much? How did you do your research on buying?

  4. LS in Arbutus February 10, 2013 at 4:10 pm

    Just to let you know, I think I convinced someone not to buy last week in Burnaby. Your website and particularly this graph made a huge impression. She was like, “How come my realtor has never mentioned any of this?” I told her not to buy and when she does, to get a better realtor.

  5. Mick February 11, 2013 at 10:00 am

    Just drove around the False Creek/Olympic village area of Vancouver, I counted atleast 10 condo building in various forms of construction, all within a very small area of Cambie to Main St.
    These developments are within a 2 blk radius of the Olympic village which is I believe still 30% un sold ?, with these many condos in such a concentrated area it will be interesting to see if this ends up being the “center” of the Van condo correction/crash ???
    The building directly alongside the CAMBIE St bridge has been completed for approx. 3 months and is still not fully sold, so what chance the building within a few blks that are still not complete- price war ?
    Would be interesting to do a little digging to see what the pre sales etc are looking like !

  6. yew February 11, 2013 at 6:04 pm

    It is quite apparent that greedy homeowners are lowering their asking price. It would be interesting if you can post and rank listings which show prices much lower than assessment price? Thanks for your public service.

  7. dafonz March 3, 2013 at 1:43 am

    Great info, but please label your graph axis!

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