Downtown Vancouver condo market report for November 2021
This report conveys the overall market conditions for the 4 downtown neighbourhoods, namely Coal Harbour, Downtown, Yaletown, and the West End.
Overall, the downtown condo market was a seller’s market in November. The strong market was driven by condos up to $1.75m, while higher values were sluggish.
Downtown Vancouver has a diverse range of condos and buyer demographics so it’s common for there to be sub-markets. These are often delineated by home type or price point. Even condos within the same building can be performing differently. You need to know what the market is doing in terms of your specific neighbourhood, type of home, and price point as shown below.
I welcome your questions and will happily provide you with market data relevant to your goals ([email protected] or 604.314.7138).
Which way did condo values head?
The below graph is of the Home Price Index (HPI), a computer-generated value believed to better represent values than other averages. It’s only calculated for 2 bedroom condos but you can use it to get a sense for the overall market.
- Coal Harbour – continues to show the strongest value increase of the 4 neighbourhoods
- Downtown, West End, Yaletown – prices were stable or slightly higher over the past year
- Two bedroom condo values in ascending order are West End, Downtown, Yaletown and Coal Harbour
How did my price point perform?
- condos up to $1.75m, particularly those below $1.25m, were driving the sellers market
- condos valued over $1.75m were slow and dragging down overall market performance
- the $600k-700k was the most active price band with a sales ratio of 97% (relates to studios and 1 bedroom condos)
- buyers in the ultra-luxury market ($5m and higher) weren’t active as there was only 1 sale and 60 listings
How did my neighbourhood and home type perform?
- Downtown was most active while Coal Harbour was the slowest
- Studio / 1 bedroom condos were the most active but two bedroom condos also performed well
- Three bedrooms were slow, which is not unusual
- Overall, listings were on market for 13 days before selling
How did the overall condo market perform?
Listings and sales activity
- Listings were down 23% while sales were up 66% over November 2020
- Listings were down 14% and sales up 39% over October 2021
- With lower listings, it can take patience to find the right home
- The overall downtown condo market was a seller’s market
- Multiple offers are seen at lower price points
- It may be prudent for you to perform you due diligence ahead of submitting your offer so it’s stronger
Let me know if you have questions about a specific home type or neighbourhood and I’ll provide you with information tailored to your goals.
604.314.7138 [email protected]