These are REBGV statistics for February 2009. Westside condos have decreased in value 15.2% since February 2008. This is one of the lower numbers in Great Vancouver, possibly signaling a bottom price.
In my opinion, signs of a bottom market have already happened in the $250k - $400k price range on the Westside, the best deals seemed to more present and available in January and February.
As a specific local example: there were a few listings in Yaletown and Downtown priced just below $300,000 These properties were sold as high as $385,000 only 8 - 10 months earlier. These "deals" were still sold quickly. Since these properties were on the market in January and February, either desperate sellers are less common or they are “waiting for a better time.” Searching through the mls over the past three weeks, similar very-well priced property in non-existent. This past February 50% of the offers I submitted or dealt with were involved in multiple offer situations – as each property was well priced.
There has been a lot more activity in February and already in March over December ‘08 and January ‘09. In February this year there were 97% more sales than in the previous month.
“There are terrific opportunities out there right now, but with property listings continuing to decrease, those opportunities may be available only for a brief window of time,. said Dave Watt, president of the Real Estate Board of Greater Vancouver (REBGV).”
I'd be glad to talk about the market with you, you can email me at [email protected] or reach me at 604 315 5574.
Vancouver Housing Price Index