East Van Monthly Market Update for November 2021

Share Article

Hello East Van!

I’m sure you’ve heard about it in the news, but inventory is at a historical low right now, while sales activity is above average. This dynamic is contributing to a continuing rise in price, multiple offers and over competitiveness. A lot of people have been asking me – if the market is so good for Sellers, why aren’t they listing? It’s a few factors, but the biggest is that they are struggling to buy their next property, whether that’s because they haven’t been successful in multiple offer situations or potentially that they can’t afford the jump to the next property. The market is a victim of it’s own success.

I think the market is going to continue with this level of activity a little later in December because most Buyers will sell after they find their next home, so those who successfully buy in late November, may not list their current property until December. Otherwise things aren’t expected to ease off next year, so I anticipate it won’t be any easier to buy in the Spring than it is now (unfortunately!).
If you’re a Buyer looking to purchase, don’t give up your search just yet. I find a lot of Buyers throw in the towel a little too early in the Fall (due to holidays, real estate fatigue, etc) but miss some good opportunities that may not be as competitive now as it likely will be in the Spring. Fixed rates are also increasing, so if you like the certainty of a fixed rate, it would be good to lock in now, though a good mortgage broker may still suggest variable depending on the numbers and their expectations for the future.

If you’re thinking about selling your property, give me a call to chat about value, pricing strategy and the sale process. There are plenty of details to chat about, so don’t hesitate to contact me if you’d like to get started [email protected] or 778-387-7371.

Onto the stats:

Average sale prices saw some pretty big jumps from September to October, specifically for detached houses, yet ironically the detached sales to active ratio is lowest compared to the other markets. I think the answer to this is a good percentage of detached house listings are effectively tear downs, but the houses that are in good shape are the ones that garner the interest and big prices. The sales to active ratio for detached houses is 29%, townhouses is 48%, 2 bedroom condos is 42% and 1 bedroom condos is 62%. In addition to inventory, the number of new listings also dropped this past month meaning Buyers had ever less to look at – something I can certainly feel when I review listings for my Buyers! Overall the HPI Price has been fairly steady, but it’s been climbing slowly since mid-2019.

From the Real Estate Board:

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,034, a 35.3 per cent decrease compared to October 2020 (12,416) and a 13 per cent decrease compared to September 2021 (9,236).

Sales of detached homes in October 2021 reached 1,090, an 18.4 per cent decrease from the 1,335 detached sales recorded in October 2020. The benchmark price for a detached home is $1,850,500. This represents a 20.5 per cent increase from October 2020 and a 1.2 per cent increase compared to September 2021.

Sales of apartment homes reached 1,801 in October 2021, a 14.7 per cent increase compared to the 1,570 sales in October 2020. The benchmark price of an apartment home is $746,400. This represents a 9.5 per cent increase from October 2020 and a 1.1 per cent increase compared to September 2021.

Attached home sales in October 2021 totalled 603, a 22.9 per cent decrease compared to the 782 sales in October 2020. The benchmark price of an attached home is $975,000. This represents an 18.5 per cent increase from October 2020 and a 1.2 per cent increase compared to September 2021.

East Vancouver Real Estate Stats up to and including October 2021

HPI Price for East Vancouver

*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*

Average Sales Price

Median Percentage of Original Price for East Vancouver

New Listings for East Vancouver

Total Inventory for East Vancouver

Total Sales for East Vancouver

Sales to Active Ratio for East Vancouver

Median Days on Market for East Vancouver

If you have any questions – regardless of how simple – don’t hesitate to send me an email or give me a call: [email protected] or 778-387-7371.

Now is a great time to check in with your mortgage broker about your existing pre-approval considering that fixed rates are going up. My preferred mortgage brokers have been great about detailing the difference between fixed and variable rates and how you may be better off going variable, so if you’re looking for a mortgage broker, please ask for a referral! Having a thoughtful, organized broker can make a big difference in the sale.

Finally, this is the best time of year to cozy up at a restaurant in the evening and enjoy a night out – keep supporting your local restaurants as they lose their extra patio seating. It’s also a good time to start considering Christmas presents and what you can do to support local! 

– Kristi