The real story on prices with agent Shawn Brown of West Haven Group
There are many statistics floating around estimating how much prices have dropped so far in Vancouver during this past year. These stats are often too general or biased to be considered fully reliable.
In this month’s Market Insights video, Realtor Shawn Brown discusses his top downtown investment picks. To get a clear sense of what each of these four properties would have sold for at the peak of the market in late 2017/early 2018, Shawn chooses the most relevant sold comparable at the peak and then uses it to estimate what the current investment picks would have been worth at the market peak.
207-150 E Cordova
An identical unit sold in March 2018 for $595,000. Suite 207 was recently listed at $525,000 and didn’t sell. It is being re-listed soon and a reasonable market value may be $515,000. If this is accurate, this would be a drop of 13%.
403-53 W. Hastings Street
A very similar unit (showed better, was slightly larger, and was one floor higher) sold in February 2018 for $660,000. To adjust for the above noted differences, let’s assume at the time that suite 403 would have gone for $640,000. Suite 403 sold yesterday for $547,500. This translates to a 14% decline.
201-933 E. Hastings Street
This building wasn’t yet completed during the peak. However, the closest comparable is a 2 bed, 1 bath in 231 E. Pender (also quite new). The comparable was larger and closer to downtown, but only had one bathroom, no views, and a small patio. It sold in early April 2018 for $780,000. Suite 201 has been listed for a while at $708,800. If it sells for $700,000 then that translate to a 10% decline in value.
TH232-188 Keefer Place
Coincidentally. Shawn actually listed this property in April 2018 for $1,249,000 and immediately got a full price offer. The seller pulled out, however. The property is listed again, now at $1,169,000. Shawn feels the property is now worth $1,150,000 or more. This would be a reduction by 7.9%.
Based on these specific examples, downtown condo prices in the more ‘achievable’ price bracket have declined between 8-14%.