East Vancouver Detached House Market Update – April 2018
The detached market is still the slow and steady market we’ve seen over the last year. The sales to active ratio is currently sitting at 12% for resale properties and 7% for new construction, which hasn’t changed much since July 2017. Similarly, average price hasn’t changed much either except for an increase in December 2017 (there must’ve been a few big sales, potentially a land assembly going through). Average price is $1,650,179 for resale properties and $2,058,334 for new construction. The cost of new construction has jumped considerably over the last few months, but we haven’t seen more than 6 sales so one or two sales can really impact the price.
Aside from January 2018 (a typically slow month) the number of sales has been low, though steady, over the last couple years, and the inventory has been pretty steady as well. Even though the sales to active ratio in East Van is quite low, it’s really because most of the inventory is really over priced, not a popular style or would need such a big renovation that most Buyers aren’t keen to take. The amount of liveable, nice properties is somewhat low, so the market seems to be moving pretty slowly unless that good house hits the market. I know financing can be a bit difficult for major renovations, especially for Buyers stretching to get into the market, so it’s not a surprise to me that these reno projects aren’t selling, yet the prices given’s yet adjusted because Sellers just aren’t that motivated.
It’ll be interesting to see what happens over the Spring, though I can tell you that the desire for people to own detached houses hasn’t waned, but the opportunity just isn’t quite right at the moment. Hopefully we see a nice influx of new listings to give Buyers some excitement about the market.
With the new mortgage rules, chatting with a good mortgage broker who can help you take advantage of your current equity is really important to ensure you’re off to a good start. We are happy to recommend Pinsky Mortgages!
Contact me if you have any questions about the buying or selling process, or want to chat about your options: [email protected] or 778-387-7371.
East Van Detached House Statistics
Take a look at the numbers: