East Van Real Estate Market Update for July 2020

Hi Everyone! I think I can speak for everyone when I say, I’m ready for summer! I hope you’re still getting outside to get some exercise and support your local businesses – restaurants, health providers, shops and the cosmetic industry can use our support, especially after they’ve put in the hard work to ensure their space is clean and appropriate for Covid prevention.

The Real Estate Board released new guidelines for Open Houses, which is what most realtors have been doing for a few months anyways: masks, gloves, hand sanitizer, shoe covers, waivers and interval viewings so it can be one group at a time. Expect this process to continue.

The East Van real estate market has gotten busier the last month, with more inventory, more interest from Buyers and continued multiple offer situations. Overall it feels like there’s some stability in the market despite the multiple offer scenarios we’re seeing. I’m very rarely surprised by a final sale price, which indicates to me that there’s a lot of interest from Buyers, but everyone is remaining pretty reasonable. Regardless, if you love a property, it’s worthwhile to put in the effort to reduce the conditions on your offer to give yourself a chance in a competitive scenario. With the likelihood that we’ll all be spending more time at home over the next while, you want to make sure that your next home really works for you!

If you aren’t able to submit a strong, competitive offer, have another look at the units that have been on the market for a couple weeks. I’ve seen some really good ones that have sat on the market for awhile, giving Buyers the opportunity to negotiate and take your time with subjects. Minor renovations like paint and new flooring in addition to appropriate furniture and lighting can make the world of a difference.
The moratorium on evictions is slowly ending, so we may see a few more rental properties on the market, though I’ve had a few clients and friends look to rent over the last few weeks and it’s still not easy, so I would consider it a landlords market for rentals. I think we’ll see a few more tenanted units hit the market, but I doubt it’ll be a rush of new inventory like some are expecting.
July will continue to be busy, but I’m expecting August to slow down, as it normally does. Considering that our “summer” hasn’t started yet (thanks to bad weather) I think everyone is going to enjoy it when it finally comes. I expect a lot of comparing trips, staycations and weekends away in August, so Buyer’s focus will be on having fun, rather than real estate. I expect to see real estate pick up again in September.
Mortgage rates are still great right now, and that isn’t expected to change until our economy is truly recovering. Mortgage Lenders are being a little more strict about income these days, so follow up with your mortgage broker if your last pre-approval was before Covid. You’ll need to submit more recent income verification and there may be some changes to your affordability.
Otherwise, keep your eyes peeled on the new listings and don’t hesitate to send me any questions you may have. If you’re thinking about listing your property soon, get in touch so we can chat about timing and what we can do to make the sale as successful as possible.

Onto the stats.

The HPI Price decreased ever so slightly for townhouses and condos this past month, but increased for detached houses. The HPI price for condos is $588,400 (3.1% increase over last year), townhouses is $888,600 (2.2% increase over last year) and detached houses is $1,459,100 (7.8% increase over last year). The amount of inventory has been steadily increasing since January, but it’s still a lot lower than this time last year: 30% less inventory for 1 bed condos, 12% less inventory for 2 bed condos, 23% less inventory for townhouses and 38% less inventory for detached houses. One of the biggest indicators of the market is the sales to active number, which indicates the interest level from buyers: 1 bed condos have a 37% sales to active ratio, 2 bed condos have a 26% sales to active ratio, townhouses have a 32% sales to active ratio and detached houses have a 24% sales to active ratio. These numbers indicate a Sellers Market, which is supported by the multiple offer situations we’re seeing across the board.

East Vancouver Real Estate Stats up to and including June 2020

HPI Price for East Vancouver

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

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 want to chat through your options, best path forward and the intricacies of the market, let me know! I’m happy to jump on a call to get you started. It takes some finesse to handle a buy and sell, so make sure you know your options before jumping in. If you’d like to slowly dip your toes in the market, I can also set you up on a Custom Real Estate Search so feel free to contact me: [email protected] or 778-387-7371 to let me know what you’re looking for in a new home.

This kind of market leads to a needed reminder for Sellers – you need to ensure your property looks good, is priced right and has an agent truly trying to sell it. Contact me to talk about the best plan of action for the sale of your home – you need good marketing, positive viewings, market knowledge and strong negotiation.

As always, let me know if you need a recommendation for a mortgage broker so you have an up to date idea of what you can afford and why.

Sending you health and happiness. Support your local East Van businesses!!!!!

– Kristi, contact me at [email protected] or 778-387-7371