Many people living in UBC have wondered how their property value has changed in recent months. Certainly the media has painted a bleak picture of the Real Estate market in the Greater Vancouver area. I like to take this opportunity to present data from the UBC Real Estate market in 2012.
As seen from the graph, the AVERAGE SOLD PRICE OF Attached and Apartment has been going up steadily since 2008. For Apartment, the price peaked in 2011 at AVERAGE SOLD PRICE OF $812,511. And for Attached (Townhouse), the price peaked in 2010 at AVERAGE SOLD PRICE OF $1,281,516.
At the same time, looking at these figures, it is important to keep everything in perspective. As the AVERAGE SOLD PRICE combines prices of from properties in older residential area, i.e. Hampton Place, and newer neighbourhood, i.e. Wesbrook Village.
Thus, the value of a specific property may differ significant from the AVERAGE SOLD PRICE. It is always important to contact your UBC Real Estate Specialist concerning your property value.
One might ask the question "why the AVERAGE SOLD PRICE of Apartment is going down while the AVERAGE SOLD PRICE OF Attached is going up?"
One explanation for the Attached (Townhouse) price going up is that UBC is developing and building more properties. However, most of the new developments are in the Apartments (Condos). Therefore, the supply of Attached properties has been limited. At the same time, as the population of UBC grows, the demand for Townhouses is increase and translates into higher price.
Looking at the Apartment (Condo), price dropped by about 10% compared to 2011. As mentioned previously, the supply of Condos has increased steadily in UBC. Especially, new condo development in Wesbrook Village and East Campus, e.g. Pacific, Spirit, Ultima, Yu, Academy, Sage, Sitka, and Sale.
For more information about the value of your property, please contact Sam Huang at 778-991-0649.