The 2012 Downtown Vancouver Condo Year in Review by Ian Watt

 

 

Ian Watt: Hi good afternoon it’s Ian Watt in Downtown Vancouver. Happy new year first of all and second of all because it’s the first video blog of the year. We are gonna do our year in review for 2012. Now what would be 2012 without thinking about 2011 so for the entire Downtown core which is Gastown, Yaletown, Downtown, Coal Harbour and the West End. In 2011 there is twenty seven hundred and thirty sales in 2012 there only twenty one twenty one two thousand one hundred twenty one sales for the entire year. Now the interesting thing is the average sale price was $679,000 dollars in 2011. In 2012 it was only $670,000 dollars of just 1% for average sale price. The average sale price per square foot in 2011 was $753 dollars a square foot and in 2012 was $738 dollars a square foot just of by a percent or two. Now the next thing is the average days on the market in 2011 was 44 days on the market and in 2012 it was 48 days on the market not a huge change. The biggest change was the activity from 2,730 to 2,121 down 609, 609 sales down if my math is correct on that one but nonetheless it was down 22% that is huge but it didn’t affect prices because in Downtown Vancouver there’s a lot of half won’t people and not too many people desperate to sell so on top of that are cancellation, terminations and expired were well up on average but the prices didn’t change too much. So what do we see in 2013? Probably we will see activity up but I don’t think we’re gonna see prices up and if prices do go down it might be a couple percent but it’s not gonna be a huge difference. My name is Ian Watt and if you have any questions you can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!