{"id":17345,"date":"2016-02-03T21:18:22","date_gmt":"2016-02-04T02:18:22","guid":{"rendered":"http:\/\/olduvai.ca\/?p=17345"},"modified":"2016-02-03T21:18:47","modified_gmt":"2016-02-04T02:18:47","slug":"vancouver-real-estate-goes-full-retard-average-home-price-now-1-8-million","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=17345","title":{"rendered":"Vancouver Real Estate Goes Full-Retard; Average Home Price Now $1.8 Million"},"content":{"rendered":"

Vancouver Real Estate Goes Full-Retard; Average Home Price Now $1.8 Million\u00a0<\/a><\/h3>\n
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Last week\u00a0we identified<\/a>\u00a0a \u201cbargain\u201d in Canadian real estate.<\/p>\n

As you might recall, the Canadian economy is in a bit of a tailspin, and that goes double for the country\u2019s dying oil patch. Indeed, we\u2019ve documented Alberta\u2019s painful experience with slumping crude exhaustively, noting that the steep decline in oil prices has triggered job losses (which hit their highest level in 34 years in 2015), depression, suicides, soaring food bank usage, and a marked uptick in property crime.<\/p>\n

Through it all, parts of the real estate market in Canada remain red hot. In stark contrast to the millions of square feet of office space sitting vacant in beleaguered Calgary, Toronto and Vancouver are on fire.<\/p>\n

Housing sales in the Toronto area rose 8.2% last month from a year earlier. The average selling price: $631,092.<\/p>\n

In Vancouver, the numbers are simply astonishing. Residential property sales in Greater Vancouver rose 31.7% in January. That\u2019s 46% above the 10-year sales average for the first month of the year and the second highest January ever, the Greater Vancouver Real Estate Board notes.\u00a0The benchmark price for a detached home in Vancouver: $1,293,700.<\/strong>\u00a0The benchmark price for an apartment: $456,600.<\/p>\n

But it gets still crazier. The “benchmark” price represents what the Real Estate Board says a “typical” home would go for on the market. If we simply take the arithmetic mean (i.e. the average), the numbers are even more astounding. As CTV news reports,\u00a0the average selling price of detached homes was much higher last month \u2013 at an astronomical $1.82 million.<\/strong><\/p>\n

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\u201cHome buyer demand is at near record heights and home\u00a0seller supply is as low as we\u2019ve seen in many years<\/strong>,\u201d\u00a0REBGV President Darcy McLeod said.<\/p>\n

So a seller’s market. Got it.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Vancouver Real Estate Goes Full-Retard; Average Home Price Now $1.8 Million\u00a0 Last week\u00a0we identified\u00a0a \u201cbargain\u201d in Canadian real estate. As you might recall, the Canadian economy is in a bit of a tailspin, and that goes double for the country\u2019s dying oil patch. Indeed, we\u2019ve documented Alberta\u2019s painful experience with slumping crude exhaustively, noting that […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[103,4333,668,2902,1264,1340,4318],"class_list":["post-17345","post","type-post","status-publish","format-standard","hentry","category-economics","tag-canada","tag-crude","tag-real-estate","tag-real-estate-bubble","tag-recession","tag-vancouver","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17345","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17345"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17345\/revisions"}],"predecessor-version":[{"id":17347,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17345\/revisions\/17347"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}