Reality check!premium locations:
1906 in yaletown park 2 (909 mainland).
546sq sold 618k (asking 619k) = $1130/sq. oct 5. no air conditioning. view of water through 2 distant buildings (not a very good view). 9 years old
SAME UNIT (i.e. 1906 909 mainland) sold 530k april 2016. Up 17% in 5 months.
(2106 sold 538k in feb)
.. high price to pay to live in a south facing oven condo!
on detached side
2883 w29th sold 4125k March 2016. 2 year old modern home on 33x130 with decent view (can see city/montains)
2918 w32nd sold 4080k sept 2016. 1 year old craftsman on 33x130 no view
(based on this, w32nd should have sold much less)
6625 labernum sold 3998k. 1989 house ~4000sq on 6500sq lot. july 12, 2016
1948 w44th sold 4030k. 1988 house ~4000sq on 6725sq lot (not sure a lot of asian will go for the '44'). sept 27 2016
(pretty in line)
With condos pushing 600k for 1 bed shoeboxes, it makes these 1.2M houses seem cheaper (given they did not appreciate 17% the past half year). if this remains, i expect upward pressure will be placed on the houses.
Someone with a 2 bed condo ($1M) and a growing family can basically swap over to a vancouver detached with a mortgage helper at par.
Of course there are those who own more than 1 condos as investment who can sell and trade 2 condos for a detached.
It looks like that Greater Fool managed to catch the very top of the market.
"Downtown Vancouver condo prices have dropped 5% since June. This was determined using the boards benchmark. Even using median sales price shows a 7% decrease."