An Update on the Condo Market in East Van
Another month, another busy condo market!
The 1 bedroom condo market has a 70% sales to active market (down from November’s 14%), the 2 bedroom market saw a 27% sales to active ratio (down from December’s 83%) and the 3+ bedroom market saw a 20% sales to active ratio (down from November’s 33%). It looks like the years busiest months are in June, so despite a typical increase in inventory come the Spring the number of Buyers also increases.
Average price per sqft was $563k ($920/sqft) for 1 bedroom condos (this market has been on a slow and steady upswing for years), $840k ($839/sqft) for 2 bedroom condos (which was a big jump from an average of mid to low $700k over the last few months) and $1,45-million ($1155/sqft) for 3 bedrooms condos (this market is pretty random thanks to the cheap price of 3 bedroom leaseholds in Fraserview).
Overall, inventory increase slightly over last month, but it’s still incredibly low. Inventory will increase, so here’s hoping it’s considerable.
For Seller’s out there – now could be a really good time to make the jump to something bigger, especially if you’re combining two incomes or have some equity in your condo. Talk to a mortgage broker about your finances – you would be surprised as to what your approval is – and then talk to us about value, staging, marketing and how to work a buy and sale!
For Buyers out there – now might be time to start considering condos that don’t have *all* of your criteria. I talk to a lot of young condo buyers who want to buy into a building that allows rentals without restriction, and let me tell you, that market is incredibly busy and really tough to get into. You’ll be competing with lots of other buyers and investors, and the average price of condos that allow rentals is a lot higher than condos that don’t. If you don’t plan on renting the unit in the short term, start considering buildings that don’t allow rentals since you’ll get a much better deal and can potentially buy without nearly as much competition. I’ve seen some really great condos that don’t allow rentals go to lucky buyers. Remember, if you run into an unexpected life problem the requires that you rent the condo, the strata can make an exception, and you can always convince fellow owners to start allowing more rentals (I’m going to do that in my building!).
Here are the numbers:
Total Inventory – East Van Condos:
Average Price pr Sqft – East Van Condos:
Sales to Active Ratio – East Van Condos:
I can’t tell you how important it is to talk to a mortgage broker since they can offer much needed assistance with financing. The mortgage market is constantly changing, and you need a mortgage broker who’s on their toes, understands your options and will work hard to get it. Mortgage brokers are much more able to get you to the point of being able to submit a “subject free” offer, which is important in this market.
Contact me if you have any other questions, or want to chat about your options: [email protected] or 778-387-7371.
