East Vancouver Real Estate Market Update Blog – October 2017
Hello, and Happy Fall WeLoveEastvan.com readers! Thanksgiving is this weekend, if you can believe it, so hopefully these crisp and sunny days continue to give us all a well deserved and fantastic long weekend.
Depending on the market you’re in, I have good news for you or more of the same. It looks like the condo, townhouse and detached house markets are all trending on different wavelengths, so let’s quickly dive in to each one and scroll down for graphs of the market stats.
East Van Condos: Inventory went up slightly in September, though sales dropped, so overall the sales to active ratio went from 88% to 71%. Average sales price dropped slightly for 1 and 2 bedroom units, and increased slightly for 3 bedroom units. It’s still a strong Seller’s market, but instead of 5 to 10 offers, we’re seeing 2 to 3 offers on properties. Check out my full East Van Condo Market Update.
East Van Townhouses: The number of townhouse listings dropped in September, from 59 to 50, but the number of sales went up, so overall, the sales to active ratio increased from 41% to 64%. The average price per sqft increased for 1 bedroom townhouses, but dropped slightly for 2 and 3 bedroom units. Check out my full East Van Townhouse Market Update.
East Van Houses: Inventory of houses in East Van was steady in September, though sales decreased slightly bringing the sales to active ratio done from 14% to 12%. The average price increased slightly to $1.658-million, which is slightly down from this years high in May and June. There is a new mortgage rule proposed that will primarily affect the Detached Market in that affordability will decrease and prices likely will as well. Check out my full East Van House Market Update.
We’re still seeing multiple offers, though I’m seeing 2 to 3 offers, rather than 5-10 offers like we did in the Spring. More offers with subjects clauses are being pushed through but prices aren’t coming down. Our team has some cool new listings (newer 1 bed + den with a big sunny patio, gorgeous character houses, a modern home under construction and more) hitting the market in the next couple of months, so keep your eye on our site.
I expect this long weekend to be fairly slow with Open Houses and new listings, but keep your eyes on the market for the few weeks afterwards. If you’re looking for a place to buy, the next couple of weeks (until mid-November or so) will be busy with new listings until it dies down for Christmas, so if you don’t secure something soon, you may not have a lot of options until February or March. I know a lot of Buyers are trying to secure something while they have a low interest rate locked in. For Buyers who don’t have an interest rate locked it, get your pre-approval with a mortgage broker now since it’s expected that interest rates will be increasing again in the next few months. I can’t stress enough how important it is to talk to a mortgage broker, the lending market is so varied and constantly changing, that you need to know what your options are.
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)
Sales to Active Ratio:
Home Price Index (HPI) Price:
As always, if you want to chat real estate – either buying or selling – shoot me an email 🙂