2011 Year-End – Westside Statistics, Analysis & Summary

Download your free copy of our 2011 real estate summary!

Hello!

Another year has come and gone, as we turn the page to a bright New Year. We are fortunate to be part of a truly multi-cultural society here in Vancouver, as we have the privilege of getting to know and enjoy numerous and varied celebrations. So, having just celebrated a New Year on December 31st, 2011, we can now look forward to another auspicious New Year on January 23^rd 2012 – Chinese New Year!

2011 was an interesting year with respect to real estate on Vancouver’s Westside. The market started picking up steam in mid-January, followed by Chinese New Year (February 3rd), which initiated a buying spree for folks from Mainland China. That, coupled with local market activity, really enhanced the overall activity on the Westside. The market was frothy through the spring and into early summer, before losing momentum. That led us into a steadier, more balanced market for the remainder of the year.

Now to the year-end facts:

• Year-over-year benchmark prices for a typical Detached Home on the Westside increased by 20.7% to reach $1,990,958.

• Attached Home prices grew by 8.6%, with a typical attached home on the Westside now selling for $833,361.

• The Apartment/Condo market faired least well of the three categories, with the benchmark price of a typical apartment ending the year at $519,474, up 4.6% from December 2010.

Vancouver’s Westside is comprised of many unique neighbourhoods, each with their own distinct buying and selling patterns, so be sure to check the statistics for the specific neighbourhood that interests you. And I’d love to hear from you, so please call me if you would like to chat or have a coffee!

I wish you all a Healthy, Joyous and Prosperous New Year.

All the Best,

Faith Wilson