Sunday, November 18, 2007

Vancouver prices droped in September?

M- posting here. I last posted here several months ago. You may or may not remember me...

Here's an interesting Youtube video my wife just found. She was looking for information on Edmonton's real estate downturn, and found this Ozzie Jurock interview from about a month ago. He was asked about Edmonton's downturn, and the anchor questioned whether Vancouver could experience a similar downturn.

Ozzie posts some interesting numbers for Vancouver-- damned if I know where he got them from, but here they are:

Vancouver new homes: August 2007, $962,800
Vancouver new homes: September 2007, $864,600 ......Down 10% !!!

Vancouver resale homes: August 2007, $859,000
Vancouver resale homes: September 2007, $816,500 ......Down 5% !!!

Vancouver resale condos: August 2007, $374,500
Vancouver resale condos: September 2007, $383,500 ......Up 2%

What happened? Where did he get these numbers? Are these averages? Medians? Vancouver City? GVRD? REBGV?

Assuming these numbers were collected in the same manner, something shocking happened for higher-priced properties between the end of August and the end of September. It looks like the condo market continued to chug along, but the higher-end market stalled.

I'll try to embed the video here. This is my first time trying this, so it may not work right...


fish10 said...

nice pick up

jesse said...

Edmonton listings are up significantly. I don't think the same is true in Vancouver area yet. Ozzie is always careful with his words and notice all his "hot properties" are far away from Vancouver and have been for years now. He knows.

freako said...

It is probably average prices. These are notoriously sensitive to changes in sales mix. The REGV benchmark is much more reliable (apples to apples), and it most definitely DID NOT drop in September. They did drop in October, a percent or so.

Why Ozzie would quote these without qualifying them I don't know.

Strataman said...

I wouldn't be suprised if Ozzie does his own market research, he may have a personal basket of property types he monitors. He does not strike me as the type who takes all stats at face value but more of an independent marketer. IMHO

mohican said...

Those look like the new home average prices from the CMHC report.