East Vancouver Condo Market Update – April 2018
The condo market in East Van is still the busiest and most competitive market. The sales to active ratio was 106% for one bedroom condos, 67% for 2 bedroom condos and 6% for three bedroom condos. Don’t forget that 3 bedrooms condos are rare in East Van – it seems to me like their either a luxury property (and really expensive) or a leasehold unit in South Van (which is a different type of ownership).
The average price was $571,940 ($928/sqft) for one bedroom condos, $794,228 ($868/sqft) for two bedroom condos and $892,000 for three bedrooms condos (there was only 1 three bedroom sale last month so this isn’t really an average). The sales price has been steadily increasing for one and two bedroom condos.
The amount of inventory for one and two bedroom condos has stayed fairly consistent since late 2016. There have been a few ups and downs, with this past December being a low point, but otherwise inventory still isn’t enough to satisfy demand. For some perspective, the beginning of 2015 had triple the amount of inventory that we have now. The most amount of inventory we see every year is typically in the Spring, so I’m hopeful that we’ll see a nice influx of new listings along with a stabilization of the market.
I’m hoping that the completion of two big condo buildings – The Heatley on Hastings and 2220 Kingsway – will bring some more newer condo options for Buyers who don’t want to live in an older building. Though as someone who lives in an older building, I can say that it’s not so bad 🙂
Buyers, I can’t stress this enough: talk to a mortgage broker. There are so many little details about your financing that you won’t be able to accurately predict your mortgage terms and rate with a calculator. Mortgage brokers stay on top of the changes, and can offer you a bigger number of options compared t a bank, which is needed in this market.
Contact me if you have any other questions, or want to chat about your options: [email protected] or 778-387-7371.
East Van Condo Statistics
Here are the numbers: