East Vancouver Condo Market Update – June 2017
The East Van condo market – you guessed it – still busy. The overall sales to active ratio is 96% which means 96% of units listed, sell! Keep in mind that a balanced market is around 15-20%. One bedroom condos in East Van are selling with a 119% sales to active ratio (there aren’t enough condos to keep up with demand), two bedroom condos in East Van are selling with an 82% sales to active ratio and three bedroom condos in East Van are selling with a 69% sales to active ratio. What that means is that you’ll have a lot of competition when it comes to buying a condo!
Interestingly, inventory has remained quite steady throughout 2017, with no major variations every month in each market.
The average sales price has also been fairly steady (though it’s trended upwards) for each market, except 3 bedroom condos. Remember that many 3 bedroom condos are older, or leasehold properties, while others are brand new and considered luxury units, so the price variations depends on what types of units sold that month. The average sales price for each market is $472,833 for 1 bedroom condos, $717,314 for 2 bedroom units and $826,172 for 3 bedroom units. Similarly, price per sqft has been somewhat steady, with every market somewhere in the mid to high $700/sqft range.
The average days on market for apartments in East Van is under 9 days, so you have to move quickly, especially if you need to get your financing approved!
I have a lot of clients who are considering both the East and Westside of Vancouver, and a lot of clients who are slowly making their way east after realizing the Westside is a little too expensive. To give you a sense of what the difference is, take a look at the differences between apartment prices for East Van and West Van:
Comparing 1 Bedroom Units in East Vancouver for June
Comparing 2 Bedroom Condo Units in East Vancouver
Comparing 3 Bedroom Condo Units 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 if you can afford it!) and how to navigate offers. It’s possible to buy in this market, but preparation is key.