The East Van detached market was affected the most after the 15% property tax change, but these new mortgage rules don’t directly affect this market since any purchase over $1-million already needs at least 20% down.
Most of the Buyers purchasing detached houses already have that amount since they generally have equity in their first purchase (equity is a big reason to get into the property market when you’re able too). Additionally, as Baby Boomers age, we’ll see a few more of their properties on the market, with their kids and benefactors jumping into the market thanks than the extra financial help. At the end of the day, houses sitting on land that is solely owned by one family will always be in demand.
Average Sales Price:
The detached market has such a mix of new, renovated and original homes, that this graph doesn’t totally represent the market, but it gives you an idea of general price points for brand new (blue) and re-sale (orange) homes.
Sales to Active Ratio:
The new development market is at a low 3% (that $2.6-million price point has a lot to do with it) while the re-sale market is sitting at 10%. If you’re looking to buy a detached home, now is a great time for Buyers!
Don’t hesitate to contact us if you have any questions about the detached house market in East Vancouver – with more inventory on the market, you have to ensure that your home shows its best, is marketed well and has a good negotiator behind it to ensure you’re happy with your sale.
Our team are seasoned professionals, so give us a call.