Below is an article published today in the Vancouver Sun stating "Average BC home price hits record high of $505,178 in 2010" As Realtors, Buyers, Sellers, publishers and the public we need to stop looking at things like average price for anything other than pure amusement.
Take the West Side of Vancouver; a condo in Fairview has a much higher average price then a condo in Marpole but they are both considered Vancouver West. Last Week the Sun ran an article featuring the lowest priced homes currently on the market including a single wide in Surrey for $8,700. The only place this trailer would even be mentioned in the same breath as Camelot Estates in West Vancouver (listed at nearly $40 Million) is in a discussion of average price.
When looking at the value of your home, look at your neighbourhood, your street and your building. Anyone who has taken a basic stats class (or grade 11 math for that matter) will tell you that stats can be skewed in any way you want to skew them. The old saying goes "figures lie ad liars figure" in the case of average price this is absolutely true.
Please note: This is not a knock on the Vancouver Sun by any means, they are doing their job. This is simply a rant about we rely so heavily on figures, stats and benchmarks in Real Estate.
Via the Vancouver Sun
VANCOUVER - The average price for a home in British Columbia reached a record high of $505,178 in 2010, the B.C. Real Estate Association says.
Home sales fell 12 per cent last year to 74,640.
The BCREA cited fewer active listings and increased consumer demand in a news release this morning.
"Tighter credit conditions and expended pent-up demand curbed home sales during the first half of 2010,” Cameron Muir, BCREA chief economist, said in the release.
“However, low mortgage interest rates and improved economic conditions buoyed home sales in the latter half of the year.”
"The inventory of homes for sale peaked at 53,375 units in May before declining 14 per cent to 46,000 units by December,” added Muir. “The combination of fewer active listings and increased consumer demand has improved market conditions in many areas."