Kitsilano attached homes have in the past 30 days experienced a surge in prices from a median of $455,000 [60 days ago] to $482,500 today, while concurrently suffering a drop in sales from 83 to 60. The number of expired listings remained the same at 8. Price reductions 60 days prior reached 59 and have dropped to 39 this last period.
Notable is that the Detached and Apartment sectors of Vancouver residential real estate took a hit downward in this last period (see http://www.yattermatters.com/real-estate/vancouver-average-price-residential/ ). One could assume that the reduction in the number of sales for Kitsilano Attached is an indicator that the affordability factor has hit this segment of the market and the next period will reflect a further decline in sales with prices adjusting downward in line with Detached and Apartments.
For those buying, be cautious! A number of bank appraisers are beginning to question the â€˜value’ in this latest round of price increases. Many buyers assume that a pre-approval guarantees that they will get a mortgage. Not so! Read the fine print on your letter. You’ll find that the “property’s value” must be acceptable to the lender prior to lending you the money. Making an offer without a condition to financing, is risky. Should the bank not agree with the value you have offered you may be liable for the purchase price. Unless you have just won the Lotto, it’s not where you want to go.
Data courtesy of REBGV. Statistical numbers provided may vary due to dynamic posting by the REBGV. The enclosed information while deemed to be correct is not guaranteed and is provided by Larry Yatkowsky, Realtor®, YatterMatters.com. Further information available by calling 604-657-6236 or emailing lmy@Yattermatters.com.
Last modified: July 9, 2009