East Vancouver Condo Market Update – October 2017

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East Vancouver Condo Market Update – October 2017

The condo market in East Van had an average sales to active ratio of 71%. Broken down, it was 86% for 1 bedroom condos, 63% for 2 bedroom condos and 46% for 3 bedroom condos., so the market for all types of condos is still quite strong. I saw some nutty prices for condos in Mount Pleasant and Hastings this past month so the market is still really busy but after some of those prices, it’s hard to believe they can continue to go up. It seems to me like Buyers are focused on buying newer condos and renovated condos.. so for Seller looking to sell, it’s worthwhile to consider doing a reno to add some value. Chat with us first about your options, what you can expect in doing a reno and what would be worth your time and money!

The average price is $508k for 1 bedroom condos, $716k for 2 bedroom condos and $972k for 3 bedroom condos.

There have been a couple new condos released for sale recently, and my are the prices high for tiny units. The sqft is getting smaller, but the prices are still high, especially when you consider the 5% GST on top of the price. You can negotiate with Developers, but in my experience, they don’t often drop their price so soon after releasing units for sale. If you’re thinking of buying a pre-sale, take a look at a blog I wrote about the Top 13 Things you Need to Know About Buying Pre-Sale.

East Van Condo Stats

Sales to Active Ratio – Mount Pleasant vs Hastings vs Grandview vs Fraserview:

Average Sales Price per Square Foot – Mount Pleasant vs Hastings vs Grandview vs Fraserview:

Make Sure You’re Working with a Great Mortgage Broker

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” for their subjects. Personally, I’m looking to buy a new home myself, and my mortgage broker has been indispensable in helping me find a good mortgage, with a low interest rate and terms that’s willing to take on my self employed income. They’ll answer your calls at night and on the weekends to ensure that you’re taken care of… contact Eitan Pinsky via his website or send him an email to get started with someone who will make sure you’re prepared.

If you’re thinking about selling, now is a good time to take advantage of the last few months of a busy year. Staging works wonders in selling your place, and should be considered with every sale. Give us a call if you want to chat about your property and what we can do to get you a great price.