East Vancouver Real Estate Market Update Blog – July 2017
Happy Canada Day We Love East Van readers!
Though not a majority government, the NDP is now technically in power. They’ll still have to work with the Green Party on certain platforms (as per their Coalition agreement) and will have to appoint new cabinet members over the next few weeks. I don’t think the BC NDP will make any changes that will affect the real estate market, though there may be a psychological effect if a lot of people thin the change may affect things. That said, this Vancouver Sun Article details what we can expect in the coming months: https://vancouversun.com/news/politics/b-c-ndp-moving-quickly-to-transition-into-power
In the meantime, the Real Estate market will continue as it has been. This past weekend was slow thanks to the Long Weekend, but I expect to see quite a bit of new inventory hit the market this week and next. Multiple offers are still common in the condo market (and that goes from Vancouver West to the suburbs) while the detached house market is really close to a balanced market and offers the most opportunities for Buyers thanks to high inventory and lower competition.
I had some clients secure a great condo in East Van this past week significantly under asking and with subject clauses on the contract. Compared to anything I’ve seen in the last little while – they got a deal – so opportunities do still exist.
Keep in mind that the (inventory, prices, etc) numbers vary depending on neighbourhoods, i.e. Renfrew will be slower than Grandview, if you would like more information on a particular type of home or area, let us know.
Now, onto the numbers:
(Green is Detached Houses, Blue is Townhouses, Orange is Condos)
Total Inventory of Homes in East Vancouver
Sales to Active Ratio of Real Estate in East Vancouver
Home Price Index (HPI) Price In East Vancouver
Check out my more detailed look at the East Van condo, townhouse, and detached house market:
Despite the inventory increase I expect in the next couple of weeks, I do expect inventory to drop off in August and I expect Buyer fatigue to affect a lot of Buyers and lead them to take a break from looking. If you’ve been looking for a few months, keep your energy up as now is a good time to buy without that much competition. That means you have a better chance at pushing an offer subject to finance and inspection and may have some more negotiation room when it comes to price and dates.
If you’re thinking about selling your home soon, talk to us! We’re a highly qualified team and you need proper marketing and proven negotiation skills to be successful with the sale and next purchase.