The East Van Condo market hasn’t slowed down. The sales to active ratio is 144% for 1 bedroom condos and 84% for 2 bedroom condos, both rates being a very strong Seller’s market, though not the most active months. Like I mentioned in the general update, the 3 bedroom condo market stats are skewed by leasehold properties in Fraserview, which are significantly cheaper than the freehold 3 bedroom condos you’ll find elsewhere in the city. Total inventory dropped in December (due to the holidays). Interestingly, inventory across 2017 was lower than 2016 for 1 bedroom condos and slightly higher than 2016 for 2 bedrooms condos. Given the high sales to active numbers, we will need to see with a dramatic increase in inventory, or a drop in Buyers in order for this market to really change. Then new mortgage rules will affect most investors, and with rental cap rates already really bad, this might keep some investors out of the market, giving end users a better opportunity to get into a property of their choice. Questionable times can lead some investors to sell as well, so if they are getting nervous about their investment, we might see a few more options on the market, though with new mortgage rules do make it a bit tougher for condo owners to jump into a bigger property, so young owners might end up living in their condos for longer than planned. I can think of a few condo buildings completing construction this year, so we make se some new listings hit the market thanks to those buildings (Strathcona Village is one of them, and it’s a large building).
The average sales price in December was $540k for 1 bedroom condos and $728k for 2 bedroom condos, both prices that have been trending upwards for years despite slight drops in odd months. The average price per sqft is $864/sqft (median is $889/sqft) for 1 bedroom condos and $805/sqft (median is $790/sqft) for 2 bedroom condos. Despite a slight drop in average sales price from November, these prices have been trending upwards as well.
Here are the numbers:
Total Inventory – East Van Condos:
Average Sales Price – East Van Condos:
Average Price per Sqft – 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. I see a lot of offers “won” by Buyers who go in subject free, whereas Buyers who don’t submit a subject free offer often have to “pay” to have their subject offer to be accepted. Working with a mortgage broker rather than a bank will also give you more options to chose from since they have access to credit unions and private lenders.
If you’re thinking about selling, now is a good time to take advantage of lower inventory at the beginning of the year and Buyers who still have a strong desire to buy after looking for the last few months. Staging works wonders in selling your place, and should be considered with every sale. Give me a call if you want to chat about your property and what we can do to get you a great price.
