East Vancouver Detached House Market Update – March 2018
The East Van detached market is the most varied market and one that offers some good opportunities for Buyers. The sales to active ratio is 11% for both resale and new properties, which is a Buyer’s Market. If I owned a townhouse or duplex right now, I’d be looking at selling that townhouse in a busy market and buying in a slower house market.
Inventory is still really high, though it is slowly climbing after dropping over the holidays. What you have to remember is that even though inventory is really high, the amount of houses that need major renovations is a large part of that inventory, which isn’t ideal for Buyers stretching to get their first detached home and can be tough to finance. This is why the livable, well maintained houses are still selling quickly.
Consider areas a little further from downtown: Renfrew, Hastings East 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!). Houses in these neighbourhoods can be the same price as a duplex closer to downtown, but you would own your land and have the potential of a mortgage helper to offset costs. Not to mention, you can set down some roots knowing that you’ll likely be there for awhile.
The HPI price for detached houses in East Van is $1,560,400, which is close in line with last month.
View all East Vancouver Houses for Sale
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!
Don’t hesitate to contact me if you are starting to think about sale of your home in East Vancouver and want to chat about your options – there is a lot to consider, 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.
Take a look at the numbers (based on February data):
Total Inventory -New (Blue) vs Resale (Green) Detached Houses:
Average Sale Price per SqFt -New (Blue) vs Resale (Green) Detached Houses:
Sales to Active Ratio – New (Blue) vs Resale (Green) Detached Houses:
