East Vancouver Condo Market Update – January 2017
Similar to last month, the condo market in East Van is still quite busy, showing a 72% sales to active ratio, which is the highest it’s been since June and has been increasing since October. With much more inventory on the market in January compared to December, it will be interesting to see if the sales to active ratio remain high or are lowered given the extra competition. Looking at past years, the sales to the active ratio for condos typically drops in January but increases through the Spring. The HPI Price for East Van is currently at $435,500, which is slightly down from the years high of $450,000 in October but on par with the last few months.
As for the market itself: I’m still seeing multiple offers for really good units or units that are low priced, though on the plus side, offers with subjects are much more common (even in multiple offer situations). Units are sitting on the market for longer than a few days (except for the aforementioned goodly priced units) but there are still a high number of Buyers out there, waiting for the right time to jump. The recent mortgage changes restrict the first time Buyer’s loan to anything under $750,000, so we might see a push for properties under that amount (though most first time home Buyers are already shooting well below that price point).
HPI Price: Take a look at the HPI price difference for condos in a few different neighbourhoods in East Van:
For the Buyers out there, get your financing in order and start working with a real estate agent. Thanks to the random nature of the current market, you need a professional opinion when it comes to what a unit is worth and how to navigate offers (having an existing relationship with a real estate agent when you’re going into the offer prices will ensure your best interests are in mind). I imagine we’ll be seeing some units sell for quite a bit more and quite a bit less than asking, and multiple offers will continue to happen for great and/or low priced units, so you’ll need to be prepared.
For the Seller’s out there, the presentation is still key. Ensure the smaller details in your home are clean and working, and spend some time decluttering and ensuring your property displays as well as possible.
Don’t hesitate to contact us if you have any questions about buying or selling condos for sale in East Vancouver.