The condo markets of downtown Vancouver have largely been stagnant since the middle of 2011, according to data from Teranet provided exclusively to BuzzBuzzHome.
The below graph looks at two distinct downtown condo markets. The first, represented by the red line, includes the areas that make up the West End. The second market, represented by the blue line, encompasses Downtown, Yaletown, Gastown and Strathcona. The black line illustrates the Vancouver metropolitan trend for all housing types.
Besides the two-year stall, another interesting takeaway from the graph is how much more the West End condo market plunged during the financial crisis than the other studied areas. The core’s eastern condo markets also saw their price index climb significantly midway through 2012 while the West End trend remained flat.
In June of this year, the price index level for the West End measured 148.45 while the rest of downtown reached 160.83. The Vancouver area trend for all housing types hit 168.42. This tells us that the studied condo markets underperformed the metropolitan trend. This is a common observation in the Vancouver region where single-detached houses, which have highly demanded space, tend to lead the overall increase in dwelling values.
Sample data prepared exclusively for BuzzBuzzHome from a population of 700+ neighbourhood and house type sub-indices developed by the Teranet – National Bank House Price Index™. Each organization provides price intelligence for properties in major Canadian markets. The neighbourhood boundaries were set independently by Teranet and National Bank.