Here is a brief snapshot of the condo resales market since the start of 2016, shown as average price per SF broken down by sub-area/neighbourhood.
Source: MLS Data
The above chart reflects data on all MLS sales for condo units that were one year old or newer at the time of sale, and only includes neighbourhoods with sales in multiple buildings. Pricing is slightly distorted by product type; for example, all of the downtown condo product is concrete highrise which is more expensive, whereas all of Maple Ridge product is in lowrise or townhouse form that is much cheaper to build and sell. Nevertheless, some may find the average pricing stats interesting.
The market for pre-sales inventory is likely to track above the average resales in a given sub-market.
Here’s a quick look at the recent uptick in resales values and activity for Downtown Vancouver condos, which have reported to have taken quite an upturn over the last few months after having been relatively flat over the past few years.
Here is data derived from all Downtown Vancouver condo resales from 2011 to April 2016. A couple of observations:
The above data contains all downtown Vancouver condo resales. For simplicity, all luxury condo sales above $2,000 per SF were removed (approx. 40 sales).
Data source: MLS/REBGV data