East Vancouver Detached House Market Update – February 2018

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What’s Happening with Detached Houses in East Van?

The East Van detached market remains one of the most accessible markets, however that can depend on what options you have for financing and where you’re looking to buy.

The sales to active ratio is at 7% given really strong inventory numbers and low sales. One thing to keep in mind is that despite there being a lot of inventory, a LOT of it needs a major reno since it’s in original condition (which can be hard to finance in addition to a mortgage) and/or is overpriced and has been on the market for ages.

From what I’ve seen, entry level (i.e. affordable) and well maintained and livable houses are still quite popular and can have a lot of competition when it comes to offers, so you need to be prepared. Many of these houses are on small lots and don’t have much more livable interior space than many duplexes or townhouses, though you own the land and have the opportunity to use the tenants suite for your own purposes if needed, so the benefits are clear. Consider areas a little further from downtown: Renfrew, Hastings or Collingwood has a few more options at affordable prices, and worthwhile to consider if you are in the market to purchase your first detached house (and are great family friendly neighbourhoods!).

The HPI price is $1,564,000, which is close it’s high point of $1,650,000 in December 2017.

View all East Vancouver Houses for Sale

Take a look at the numbers:

Sales to Active Ratio – Detached Houses:

HPI Price – Detached Houses:

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!

There is a lot to consider when you think about selling your home, and renovations/staging and marketing can make a big difference in your sale. We can help you make sense of your options and what to expect.

Contact me if you have any  questions, or want to chat about your options: [email protected] or 778-387-7371.