East Vancouver Detached House Market Update – December 2017

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What’s Happening with Houses in East Van?

The house market in East Van remains the slowest market, and to no one’s surprise. It’s the most expensive market and one that will soon become a bit harder to get into for most Buyers. The HPI price was $1,573,500 last month, and showed sales price averages of $1.563-million for new construction and $1.564-million for re-lsae (existing) properties – the same average sales price! The key different here is the price per sqft: resale is at $771/sqft and new construction is at $958/sqft.
The current inventory sits at 802 in total, with 751 resale (209 of which are new listings this month) and 51 new development (with 21 being new listings). Inventory is close to an all time high, though keep in mind a lot of it is stagnant, over priced homes that need a massive renovation or tear down, and not that many Buyers have the funds to complete that kind of project.
The sales to active ratio is sitting at 12% for both existing and new development detached houses, which is squarely in a balanced market. I’ve seen a few nicely kept entry level detached houses (generally smaller houses on smaller lots, but still in great neighbourhoods) sell for solid prices and in multiple offers, so certain parts of this market are still quite strong. With the new mortgage rules coming into play, I expect the entry level detached market to remain busy.
Don’t hesitate to contact us if you are starting to think about sale of your home in East Vancouver and want to chat about your options. This market has the most opportunities for Buyers, you just have to be willing to put in a little sweat equity or extra funds towards a reno or home improvements to bring the Buyers in. We can help you understand what you can hope for in the sales and how to handle both moves properly. 

East Van Detached House Market Stats

(Green is 3 Bed Houses and Blue is 4 or more Bed Houses)