January 2020 East Vancouver Real Estate Market Update

Happy New Year East Van! I hope you have a great holiday season filled with lots of holiday and family fun. The real estate market always slows down in December – full stop over Christmas – before gaining energy in January, so I’ll keep the recap short this month.

2019 was an interesting year. It was really slow at the end of 2018 into 2019. Listings were sitting for awhile, Buyers weren’t motivated and there wasn’t a lot of excitement in the market. I was getting bored seeing the same listings come up on MLS and I’m certain everyone else was too. Finally, and somewhat unexpectedly given the timing, the market picked up again in late Spring, which lead me to have my busiest Summer in years. This increased activity developed from a confluence of falling prices, good interest rates and Buyers finding opportunities – and it continued for the rest of the year. It’s a great feeling to see Buyers come back to the table because once properties started selling, potential Sellers gain a little more confidence and decide to list their property as well – so more Buyers in the market lead to an increase in new listings too. The increase in interest did lead to a slight increase in prices, and I wouldn’t be surprised if we continue to see a slight increase over the next year given increasing demand (though inventory levels will make a big difference in prices next year). In the Fall I was seeing multiple offers happen on some really good listings (i.e. a great, entry level detached house) and on some really well priced listing (i.e. those priced far lower than their value to pull in multiple offers). Despite there being multiple offers, I wasn’t seeing any insane price increases or many unconditional offers, so these scenarios weren’t as disheartening for Buyers as they have been in the past. On the flip side, overpriced listings sat on the market because Buyers were not keen to negotiate very much so Sellers had to be reasonable in order to attract Buyers.

Personally, I’m seeing a lot of Buyers enter the market (for the first time, or again after taking a break). They’re spending some now to learn about the process and their options, which is what leads to busy Springs. I think this year is going to continue to see energy from Buyers and Sellers, which should lead to a Balanced Market: good for everyone. It’s a good time for Owners to be thinking about a buy and sell – you can be confident your listing will sell in a reasonable amount of time (assuming it’s not over priced) and you’ll have options to buy as well.

If you haven’t already, get started with a mortgage broker to get a sense of your affordability, lock in an interest rate for a few months and start learning about the financial side behind a purchase. Email me if you’re looking for a great referral! If you’re looking at selling, don’t forget to contact your mortgage broker, accountant and financial planner for advice and insight into your best plan of action.