experts: real estate column Wednesday, February 02, 2000


Prices up by 10%, volume down by 12%

By Ozzie Jurock

1. Prices up by 10%, volume down by 12%

A persnickety month. Realtors report 'Heaven and Hell'. No volume, low volume, yet lot of ‘lookers’, firming prices throughout the province. The Vancouver numbers bear that out. Prices are up by 10% volume is down by 12%. And while apartments overall are up in price by 18%, volume of unit sales are off by 20% (367 last year, 290 this year). Also the increase in price is mainly in the NEW condo sales where prices rose from a 180,000 average to a 264,400 average (probably just indicating that some higher priced units sold). Used condos are up in price by 8% (from $153,700 to $166,700). On the other hand NEW single family homes clocked in lower in price by 11% (from $387,600 to $343,500 this year) but rose by 10% on the resale detached home side (from $341,600 last year to $378,800 this year). So we are all over the place ... January does not a year make. It will be interesting to see whether the outlook for higher interest rates will move more buyers from the sidelines.

                 January 2000/99  January/99     %    
Units sold                 1,022       1,163  -12%
Average price            292,800     264,800  +10%
Active Listings           13,200      14,900  -11%
Detached Home Price      378,800     341,600  +10%
Townhome Price           229,000     230,400  -01%
Apartment Price          190,620     160,300  +18% (!)
Major point: Resale home sales are the strongest of any segment (only off by 5% to 497 unit sales this January versus 527 last January). Townhome sales are off by 28% and apartment sales by 20%. Buyers market is still persistent. Yet, vendors are more positive, looking for higher prices.

2. Michael Campbell's 8th annual "World Outlook Conference" is this Friday and Saturday at the Robson Media centre.

I will be speaking there about:
Where the deals are in Canada and BC
Real Estate Outlook

There are 9 speakers at the event and tickets can be called for at 1-877-467-0336 or at the website:

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