Millennials. Baby Boomers. And November real estate stats. How's that for potpourri?!

There's a lot of buzz around Millennials (aka Generation Y); who exactly they are, how they think and make decisions, what's important to them, and how they compare to other generations, particularly Baby Boomers (born 1946 - 1964). If wikipedia can't even come up with firm answers about Millennials - "There are no precise dates when the generation starts and ends. Researchers and commentators use birth years ranging from the early 1980s to the early 2000s." - then I certainly can't provide a succinct and solid answer. But interestingly, even though I personally am neither, I find myself working mostly with these two age groups - Millennials in their mid to late 20's through to their early 30's and Boomers in their 50's and 60's - so I'm always curious to read about these two generational groups.
 
If you're a statistics hounds like me, you'll enjoy Huffington Post's article, rich with data that compares how much tougher Millennials have it economically (a common assumption) than Baby Boomers did. Click the link to read the full article, but here are some stats I found interesting:
  • How much could you buy with 1 hour minimum wage ($3.11 in 1979 vs $9.99 in 2012)?
    • Pints of beer: 2.5 in 1979 ($1.25/pint) VS. 2 in 2012 ($5.49/pint)
    • Bags of coffee beans: 1 in 1979 ($2.73/300g) VS. 1.5 in 2012 ($6.05/300g)
    • Chicken: No change! 3 lbs in 1979 ($1.00/lb) VS. 3 lbs in 2012 ($3.18/lb)
    • Gas: 13.5 litres in 1979 ($.23/l) VS. 8.2 litres in 2012 ($1.22)
  • Where does your money go - 1978 VS. 2010?
    • Vehicles: 17% in 1978 VS. 21% in 2010
    • Shelter: 21% in 1978 VS. 28% in 2010
  • Cost of education - 1979 VS. 2012? Some huge changes here...
    • 4-year bachelor's degree: $2,568 in 1979 (800 minimum wage work hours) VS. $22,324 in 2012 (2,200 minimum wage work hours)
    • Medical degree: 1,000 minimum wage work hours in 1979 VS. 4,700 minimum wage work hours in 2012

Before we get into more stats, take a break and have fun with either:

How Millennial Are You?

or

What Kind of Baby Boomer Are You?

Back to business - the November 2014 Vancouver real estate stats. And remember, if you don't see your Area or Sub-Area here, contact me directly for those details - there are simply far too many categories to break down here.
  • 604.719.1501
  • erik@erikcarlson.ca

SALES: 2,516 - November 2014.

  • 8.4% increase over 2,321 sales in November 2013
  • 17.7 decrease from 3,057 sales in October 2014
  • 6.9% increase over 10-year November average

DETACHED HOME SALES: 1,012 - November 2014

  • 9.3% increase over 926 sales in November 2013
  • 60.9% increase over 629 sales in November 2012

APARTMENT/CONDO SALES: 1,052 - November 2014

  • 8.6% increase over 969 sales in November 2013
  • 40.3% increase over 750 sales in November 2012

ATTACHED HOME SALES: 452 - November 2014

  • 6.1% increase over 426 sales in November 2013
  • 47.2% increase over 307 sales in November 2012

MLS® HPI BENCHMARK PRICES:

  • All residentail in Greater Vancouver: $637,300. 5.7% increase over November 2013
  • Detached homes: $997,800. 7.9% increase over November 2013
  • Apartment/Condo: $379,500. 3.2% increase over November 2013
  • Attached homes: $480,200. 4.8% increase over November 2013

NEW LISTINGS: 3,016 - November 2014

  • 7.1% decrease from 3,245 new listings in November 2013
  • 32.8% decrease from 4,487 new listings in October 2014

TOTAL ACTIVE LISTINGS: 12,553 - November 2014

  • 10.2% decline vs November 2013
  • 9.4% decline vs October 2014

Good time to list your home for sale if you want to face less competition!

Source: Real Estate Board of Greater Vancouver (REBGV)

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