Hello East Van! I hope everyone has recovered from a fun long weekend. I’m going to keep this market update short because not much happens in August. All eyes are on the new Fall Market and what it will bring.
August was busier than normal, no doubt thanks to the slower Spring we had due to Covid. Already in the first week of September we’ve seen a big increase in inventory so hopefully more listings will help to ease demand, or at least, give Buyers a few more options. Good options that are priced well are still getting multiple offers, and I find units that are priced a touch high don’t have the same level of interest. Sellers, keep that in mind when you’re pricing your property. For Buyers who keep losing in multiple offers, go back and check out the properties that have sat on the market for a couple weeks – they could be priced high and offer you an opportunity to negotiate. An increase in inventory may help to ease the competition which would be welcome for Buyers.
Keep your eyes on the new listings hitting the market (I have a few great ones including #419 288 E 8th
and #204 234 E 5th
) and don’t hesitate to let me know if you have any questions about the upcoming market and my expectations for the next few months.
Onto the stats.
In East Van, August saw an average sales to active rate of about 28% which is firmly in a Seller’s Market and generally in line with the previous months. In general, specifically for the attached market, new inventory and sales slowed, which is common for the end of the Summer. Total inventory for detached houses is still significantly down from the last few years, while 1 and 2 bedroom condo inventory is nearing the highest they’ve been in 5 years. Townhouse inventory doesn’t change much due to it being a small market. Overall HPI went up slightly this past month, nearing the highest mark we’ve seen in the last couple years.
East Vancouver Real Estate Stats up to and including August 2020
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
It’s in your best interest to start chatting with professionals if you’re thinking about buying in the next 12 months. There is a lot of information to learn – everything from what you can afford and how you can improve your affordability, what’s expected for the Fall market, standard inventory to expect, differences in construction and Stratas, and whether or not your real estate goals are reasonable.
A few ways you can start planning your eventual move include:
- Connecting with a Mortgage Broker: My top two recommendations, thanks to their skills and hard work, include Eitan Pinsky and Anais Greer. It can take some time to get all of your financials in order, and there may be some changes you can make now to increase your mortgage approval for next year, so best to chat with a broker sooner rather than later.
- Connecting with a Real Estate Agent (me!): Find out if what you’re hoping for is reasonable given your budget. If you’re just getting started in your search and want to see what’s out there, I can set you up on a Custom Search so you can follow new listings and sales. If you’re keen to really start learning and viewing properties, we can ramp it up and get you up to speed with important information and property viewings.
Feel free to contact me – no question is stupid or too soon to ask: [email protected]
Sending you health and happiness as we move into a strange, socially distanced holiday season. And please continue supporting your local East Van businesses!!!!!