Owen Bigland blogs about how many people's perceptions regarding condo
prices in downtown Vancouver are hazy due to the skyrocketing prices of detached
homes in certain areas. If you were to ask people on the street what they
thought the price of a downtown Vancouver condo had done over the past 3, 4 or
5 years they would probably say it's way up. when in reality if you drew a line
from Jan 2008 to Jan 2012 that line would be pretty much flat.
It's been a fairly balanced and stable market for condos in Downtown
Vancouver the past 4 years with very little price appreciation unless you bought
in a tiny window around Nov 08 to Mar 09. We had a price drop in Fall of 2008
of approx 15% on average then came out of it quickly in Spring 09 with
an equal gain of 15% so pretty much right back to where we were before the
correction. Since the fall of 09 prices have been pretty much flat. It's the
price of detached properties especially on the Vancouver west side and Richmond
which have shot up dramatically since Jan 2009 that make people think real
estate prices everywhere have done the same. Downtown Vancouver condos have not
shared that same price jump that certain detached areas have.