experts: real estate column Wednesday, November 03, 1999

THE FALL IN VANCOUVER AND THE FRASER VALLEY

By Ozzie Jurock

VANCOUVER NUMBERS
September's 1,955 sales were up by 11% over last year, the average price was up to $280,500 from $274,000 last year and the active listings were down sharply from 19,200 to 16,400. The average price rose in all categories as did sales volume. Great news ... the market is substantially better.

VANCOUVER
September/99
September/98
%
Y-td/99
Y-t-d98
%
Units sold
1,955
1,755
+11%
17,988
15,043
+19%
Average price
280,600
273,900
+02%
280,100
281,900
+0%
Active Listings
16,418
19,253
-14%
Detached sales
1,022
931
+09%
Condo sales
583
523
+11%
Townhouse sales
262
268
+01%
Detached prices
365,400
354,000
+03%
Condo prices
175,100
165,000
+06%
Townhouse sales
218,900
210,700
+03%

Major Point: The general confidence level in most of Canada and all of the Untied States is up sharply. BC is slowly coming around too. We smell a bottom. We still think that the market will slow into the winter (best deal time?), but the corner has turned.

FRASER VALLEY NUMBERS
September's 927 sales counter trended the rest of the country by being down slightly. But listings were off a sharp 11% - a good sign. The average price is up as well. You pay 3% more for a townhouse on average - $170,100 versus $165,800 last year. Only the condo sector is seeing a continued downturn in prices. This September you pay only $106,000 for the average condo versus $115,100 last year - a 7% decline.

FRASER VALLEY
September/99
September/98
%
Y-td/99
Y-t-d98
%
Units sold
927
935
+01%
9,067
8,217
+10%
Average price
242,100
235,200
+03%
239,000
233,000
+02%
Active Listings
8,436
9,458
-11%

Major Point: The Fraser Valley was hardest hit with the leaky condo problem and it shows in the price. However, 101 condos sold this year versus only 90 last year ... a somewhat firming sign.




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