I had a client ask me to run some numbers and thought I would share. Given the seemingly daily news about financial crisis, US housing bubbles, $100 million dollar loans for Millennium Development's Olympic Village, and prices now declining in Metro Vancouver, I was curious as to what I would find.
This is just a small snapshot and doesn't look at the "macro" market. It is for 5 year old (and older) buildings in Kits that are freehold and allow rentals. I ran each month from October 2007 to October 2008. We just looked at MLS sales, not at listings that were canceled or expired. Private Sales are not part of this study.
Some notes that will make it easier to read
DOM = Days on Market, the number of days it took to sell from the time it was listed
PSF= Price per square foot. In the real estate world, this helps us compare apples with apples. We take the sale price and divide it by the square footage and get the price per square foot.
This information, although compiled by myself, is courtesy of the Real Estate Board and although assumed to be correct has not been verified.
Have a look, although there are signs of a "Buyer's Market" as we move from Oct 2007 to today, I think the results may surprise you.
I am going to be working on the same type of information sheet for other areas as well. Is there one you would like to see or some other Real Estate question I can help you with? Drop me a line at email@example.com