Ian Watt Vancouver Condo Real Estate Video Blog #748 - February 11, 2013
The 2012 West End of Vancouver Condo Year in Review by Ian Watt
Ian Watt video blogs about the difference between the sales activity, price per square foot, average selling price for the West End of Vancouver condos in 2012 versus 2011. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs. Please note that opinions, real estate practices, prices and data always changes over time, so please keep in mind the date when this video was published as the information could have become irrelevant over the past days, months and years. Copyright Ian Watt © All Rights Reserved 2013.
Ian Watt: Hi good afternoon it’s Ian Watt in Downtown Vancouver. Doing the year in review for 2012 for the West End and I’m kinda excited to talk about the West End because the West End doesn’t get a lot of publicity because they’re not allowed to sales happening in that area. But in 2012 the West End was by far the biggest winner out of all the five areas that make up the Downtown core. Now have a look at this first of all like all areas the amount of sales was down from 2011 to 2012 19% no big deal there that’s pretty consistent across the board. But here is the coolest thing the average sale price in 2011 was $633,000 dollars but in 2012 that jumped 10% to $678,000 dollars and not only that and the average price per square foot in 2011 was $630 dollars a square foot and that jumped up to $655 dollars a square foot. Not bad that’s pretty good now also the average days on the market did change a little bit but it went from 41 days on the market in 2011 in 2012 was 44 days on the market so not a big change there and the reason why the West End was obviously a big winner in 2012 is because there’s not a lot of new developments in the West End there are not a lot of freehold strata buildings in the West End and the city is pretty strict about building in the West End. If you tear down a seven storey building chances are the city will allow you to build in the West End or replacement building of about seven storey as well. So the inventory is very consistent, the prices are very consistent and the activity or be it was down last year but the biggest winner by far was the West End in 2012. My name is Ian Watt if you have any questions you can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!