East Vancouver Real Estate Market Update Blog – April 2018
Hello WeLoveEastVan.com! I’d like to think that we’ve officially entered the Spring Market! Let’s get to the update..
The market is moving along as usual. It doesn’t feel as frantic as it has been – the number of sales has been fairly low this year – but good properties still sell quickly and for good numbers. You can interpret this as a mix of Buyer fatigue, tougher mortgage restrictions and lots of overpriced/mediocre properties sitting on the market. East Van is such a big market that you can’t paint every neighbourhood or type of property with the same brush, so if you’re looking for more specific information on a certain area or type of property, don’t hesitate to let me know and I can give you an idea of what to expect.
We have some great new listings, including *two* exclusives: 417 E 31st and 4585 St George. Contact me if you have any questions about these or our other great listings!
The mortgage world is as complicated as ever, so you need to ensure you have a good broker on your side. There are still great interest rates to be had and a little creativity in how your finances are arranged can make a big difference in your approvals. Don’t hesitate to talk to our preferred mortgage brokers if you’re just starting to look, or aren’t satisfied with the advice you’ve already received. Submitting your financial documents and getting a proper pre-approval ASAP is really important – not only can you lock in a good interest rate before the next increase, but you’ll know exactly how your particular financial situation will be accepted by lenders, which is invaluable when you have to move really quickly on any good property that hits the market.
Aside from a relaxation in the Speculation Tax, I don’t expect to see any other Government or Mortgage Announcements in the next while, so the market should remain pretty stable. We are still seeing different pricing strategies out there, and Buyers need to have a good idea of a unit’s value and how to win in multiple offers. Now is
The market stats in this report are based on March data.
East Van Condos:
The condo market in East Van is still competitive – it showed a 79% sales to active ratio which is about the average it was last year except for a busy April and May. The HPI Price overall is $577,600, which increased from $565,300 last month and $464,7000 last year. The average price is about $927/sqft. Days on market is averaged to be 8 days, which makes sense given the current schedule of listing the property, hosting open houses then taking offers the next week.
Check out my full East Van Condo Market Update.
East Van Townhouses:
The East Van townhouse market has a sales to active ratio of 48%. The HPI Price is $908,200, which increased from $868,900 last month and $743,400 this time last year. This makes the average price per sqft at $821/sqft. The average days on market was 9 days so everything is still generally selling within the first week. To those who own a townhouse now, it could be a great time to jump into the detached market – don’t forget how much a mortgage suite contributes to affordability.
Check out my full East Van Townhouse Market Update.
East Van Houses:
Houses in East Van had a 12% sales to active ratio which has been a pretty steady average since July of last year. This number is deceiving. Eats Van has a lot of overpriced lot value homes for sale, but Buyers will still quickly snap up a well maintained, family house. The average price was $1,650,000 for re-sale properties and $2,058,000 for new construction. The HPI Price- known as the best indication of typical. pure price changes (inflation or deflation) has remained steady around $1,553,000 since July.
Check out my full East Van House Market Update.
Now that it’s Spring, we should be seeing a nice influx of new listings so I expect the number of overall sales to increase. Though mortgage restrictions haven’t gotten any easier, there are still low rates to be found.
East Van Real Estate Statistics
Keep in mind that the numbers vary depending on neighbourhoods and types of properties, so if you would like more information on a particular type of home or neighbourhood, let us know and we’ll give you the stats.
(Green is Detached Houses, Blue is Townhouses, Orange is Condos)
