East Van Real Estate Market Update for December 2020

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Happy Holidays East Van! I hope your tree is up and your spirits are high. It’s going to be a different kind of Christmas this year but still lots to look forward too as we all relax over the holidays. We’ve seen such encouraging news about the vaccines. I know it’ll still be months before it doesn’t feel like we’re in the thick of a pandemic, but this is positive news for the economy and local businesses who may not be getting the support they need.

Meanwhile, the Real Estate market hasn’t really slowed down. We’ve certainly seen many fewer listings over the last couple of weeks (typically for this time of year!) which has naturally slowed the market, though there are still a lot of Buyers out there waiting for their opportunity. Typically we don’t start seeing many new listings until mid-January and even then it’s typically a slow roll out. I find many of the first listings to come out in the next year are the units that didn’t sell now, often with price drops.

If you’re looking for a great place, don’t despair, we see the highest number of listings throughout the year in the Spring, so your time is coming. In the meantime, stay ready and stay on your toes – I think the market will remain fairly busy next year so expect competition on the good listings.

November was still really busy and the beginning of December has been the same, though we’ve seen a significant drop in the number of new listings hitting the market. The detached house market is still seeing a lot of competition and multiple offers (with high priced subject free offers often winning). The townhouse and condo market has slowed down a bit – some units are still getting multiple offers though not everything is selling subject free. I’ve noticed a lot of units that have been sitting on the market have been selling as people look to secure their next place before the new year. Like I mentioned above, I don’t expect many new listings until at least the first or second week of January, so enjoy the downtime as I expect the market to pick up where it left off.

If you’re thinking about selling your property in the New Year, give me a call to chat about timing, the purchase and sale process and what you can do now to increase the value of your home. There are still a lot of Buyers out there to purchase your unit, but you may have to be prepared for competition on your next purchase. Plenty of details to chat about so don’t hesitate to contact me if you’d like to chat about it: [email protected] or 778-387-7371.

Onto the stats:

The HPI Price for detached houses continued to increase. Last month it went from $1,507,000 to $1,533,000. It started the year at $1,424,000.

The HPI Price for condos and townhouses remained consistent at $586,000 and $902,000 respectively. Condos started the year at $585,000 while townhouses started the year at $913,000. Both markets had months that were higher and lower than the current HPI price so the market has certainly seen some changes this year. I’m surprised that the condo and townhouse HPI Prices haven’t increased this past year given the amount of interest but these numbers do represent all of East Van so the numbers may be different in different markets. If you’re curious to see the stats for different types of product in different neighbourhoods, shoot me an email and I’ll send you the information.

The number of new listings last month dropped considerably and inventory levels dropped overall for each market. I expect both numbers to drop again when we get the December stats. Overall, inventory levels for condos are higher now than they have been in a few years whereas inventory levels for detached houses are lower than they have been over the last few years. Obviously, detached houses are often replaced with multi-unit complexes and many owners stay in their detached houses for a lot longer than they would a condo.

The sales to active ratio indicates a Seller’s market for each type of property.

And finally, we have seen more sales in each market over the last couple months than we have in recent years so there is certainly a love of movement!

East Vancouver Real Estate Stats up to and including November 2020

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

Mortgage rates are still incredibly low. I imagine we’ll see some change in rates but I can’t see them increasing significantly over the next few months. It’s a good time to lock in with a new rate or re-finance if you’re near the end of your current term. Ensure you talk to a good mortgage broker about your options when it comes to your short and long term real estate goals. If you’re thinking of buying in the New Year, it’s smart to have an initial conversation with your mortgage broker so you can find out if there’s anything you need to do to improve your options (this is helpful for anyone to do, specifically people with unique financial scenarios like the self employed or contract workers). I have recommendations for a couple great mortgage brokers if needed.

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.

All the best this holiday season! It’s not too late to continue supporting local businesses – there are lots of great stores to pick out gifts, great restaurant fare to enjoy and service providers to support (now is the time to use up your remaining health benefits!). If family and friends are asking you what you’d like for Christmas, ask for a gift card to a local restaurant – many will mail you a card or keep it at reception for you to pick up. There are also plenty of charities to support this year whether you’re looking to donate funds, toys, clothing or support.

Otherwise, I hope you get a chance to relax and get outside for some fun winter activities. I can imagine 2021 will be an interesting year, so take the time to recharge!

Sending my best during this holiday season and the New Year!

– Kristi