Happy New Year WeLoveEastVan.com! We hope everyone had a great holiday season. We are just getting back into the groove after our own holidays. The Real Estate Market has started to show signs of life, but activity doesn’t really start until the 2nd or 3rd week of January, picking up momentum as we move into the Spring Market.
I’m going to keep this update fairly short as the month of December is typically quite slow. I did have some active Buyers and Sellers and sold a listings during the holidays, but overall, things slow down. Listings are taken off the market before Christmas and typically re-listed in the New Year, though there may be some Sellers who decided to rent their unit instead.
This past summer and fall was fairly slow, so it will be interesting to see what happens this year. Generally, prices have dropped since last year and interest rates remained steady so Buyers have reason to be excited. I’ve gotten a few calls already this year from Buyers who are eager to get their search started, and a few calls from Sellers who are keen to sell their property. I can imagine this year will be a balanced market – good for both Buyers and Sellers. Buyers will be able to negotiate a bit and submit offers with a subject period, and Sellers can be confident that their property will sell within a few weeks (assuming it’s priced appropriately).
For Sellers who may be upset that the market has dropped slightly, think about the price difference between what you’re selling and buying rather than the fact that your property might not be worth as much as it was last year. Even if you’re selling for less now, your next purchase will also be cheaper than before, and typically more expensive properties have dropped further in price so you’ll be in a good position.
We typically suggest to clients who are looking to both buy and sell to get started as soon as possible. If you sell early enough in the year, you’ll be looking to purchase your next property during the Spring which is typically when we see the highest inventory.
If you haven’t already, talk to a mortgage broker about your affordability and what your options are when it comes to a buy and sell (ie. any mortgage break fees, portability options, etc). Contact Pinksy Mortgages to get started on your financing approval since the simple “Mortgage Calculators” on the internet don’t tell you the full story and lender restrictions are always changing.
If you have any questions about the market, or what to chat about the type of property you’re looking for and the best plan of action, don’t hesitate to contact me, Kristi, at: 778-387-7371 or [email protected].
Have a look at the stats below. Inventory decreased as expected this past month, and HPI Prices dropped slightly for detached house and condos, with a slight increase in townhouse prices. The condo and townhouse market show a healthy Sales to Active Ratio, so the Buyers are out there looking for good properties.
East Van Condo Market Update for January 2018
The 1 bedroom condo market showed a slight increase in average price the past month, while the 2 bedroom condo market has been soft. What this tells me is it’s a good time for people who own 1 bedroom condos to upgrade!
East Van Townhouse Market Update for January 2018
The East Van townhouse market showed strong sales to active numbers, but the lack of inventory always seems to be a big roadblock for Buyers looking to get into this market. As houses get cheaper, I would anticipate that we’ll see people who own townhouses makes the jump into the detached market, which will open up inventory for people who own 2 bedrooms to move up as well.
East Van Detached House Market Update for January 2018
The detached house market in East Van was still the slowest market. New developments homes have had a slow year. Re-sale home prices have been somewhat stagnant the last few months. This is a market where although the inventory levels are high, the number of good listings is still fairly low.