This past month was a great month in real estate – lots of new listings, sales and activity in general! This leads to it being a balanced market – good for both buyers and sellers. If potential Sellers see a lot of units selling, they’ll be a lot more keen to get their property on the market, which increases the number of new listings. Buyers have a lot to choose from when there are a lot of listings, and it decreases competition. If competition is decreased, prices remain pretty steady.
The stats show that prices remained pretty steady across the city this past month, which is what I saw on the ground as well. If you’re seeing prices drop right now, it’s often because the listing was overpriced to start. I’m finding that Buyers don’t want to negotiate on listings that have sat on the market for awhile, but that’s an opportunity available to you. You’ll have little competition and time for appropriate due diligence if it’s accepted. Multiple Offers are a common occurrence when good listings are priced low or reasonable, so be prepared. I’ve seen a lot of multiple offer scenarios where Buyers still have “conditional” offers accepted so it’s not as competitive as it might sound, but if you like a property and if it’s priced well, you should try your offer.
The total inventory remained fairly steady this past month, but the number of new listings and sales both increased. This kind of movement is what encourages other Sellers to finally list their property which is what keeps the marketing interesting for Buyers. I’m also seeing a lot of people make the jump to detached houses since the gap between condos/townhouses and houses has narrowed, and with interest rates being low you you can weather the stress test a little easier.
Mount Pleasant, Main, Hastings and Grandview are still quite busy for condos and townhouses, while Main, Grandview and Knight are busy for houses.
I don’t foresee prices increasing over the next little while but I also don’t see them decreasing overall. I’m anticipating a slow month over the holidays with another increase in activity next year. The Federal Election might lead to some changes in policy that could help Buyers, so we’ll be keeping our eyes on that result and what was offered by the winning party.
Here are some stats for Real Estate in Vancouver East. If you’re interested in learning about specific neighbourhoods, specific price points, specific types of properties or something else, contact me!
East Vancouver Real Estate Stats
East Van Condos
1 Bed vs 2 Bed vs 3 Bed Condos
East Van Townhouses
1 Bed vs 2 Bed vs 3 Bed Townhouses
East Van Detached Houses
Re-Sale Homes vs New Construction Homes
If you haven’t already, now is the time to get your mortgage pre-approval done and start working with a real estate agent so you can jump on the good listing you’ve been waiting to hit the market. I’m happy to give you a referral to a great mortgage broker, contact Eitan Pinsky or Tom Prasol.
As always, if you have any questions or if you’d like to set up on a Custom Real Estate Search, feel free to contact me: [email protected] or 778-387-7371.