October kept up the activity we saw in September, which is great since it’s a balanced market for Buyers and Sellers. Inventory hasn’t been especially deep so good listings have been selling quickly and often in multiple offers, while other listings have been sitting on the market waiting for Buyers to start the negotiation, so try your offer! I’m sensing a lot of Buyers were starting or re-starting their searches and getting familiar with what’s happening in the market this Fall, so I expect this interest to carry over into the New Year and keep the Spring Market busy as well. Interest rates are still quite low so it’s a great time to be pre-approved.
The lack of inventory this Fall is in part because listings are selling, and a part of that is because of the changing market. The market slowed down significantly in 2018 to the point where nothing was selling, which isn’t a great time to list. Now that the market is picking up, Sellers have more confidence that their listing will sell. This confidence leads to more listings, which leads to excited Buyers, which leads to more activity, and the market keeps rolling.
When the market finally picks up after a slow down, First Time Buyers are always the slowest to come back to the table which can create a bit of a log jam in the market. I find they’re always a bit more nervous and slower to move than experienced Buyers, and for good reason, it’s a big decision! My message for First Timers is to get pre-approved with a mortgage broker and to start taking to a realtor. Realtors have so much history of buildings, understanding of value, knowledge of Stratas and it’s our job to help you find a unit that works great for you within your budget. You’ll understand what you can afford which is a big part of the process You don’t have any obligation to buy and don’t worry about wasting our time – it’s our job to help you.
Historically, this time of year is when you can find a deal! There are a lot of Sellers who have likely had their property on the market for a little while now, and likely have some negotiation room built into their asking price, so try an offer and secure your new place while competition is low and interest rates are good.
The Liberals won’t the election again so I don’t foresee any major changes to mortgage policy for the time being. Based on what my mortgage broker has been telling me, rates should remain fairly steady.
Overall the HPI Price was steady for Houses, Townhouses and Condos in East Van, with Townhouses seeing the biggest increase in HPI Price of +$9,000 over last month. Total Inventory declined for houses and condos, and remained steady for townhouses. The number of new listings dropped this past month which speaks to what I mentioned above about how the market starts to slow down at this time of year. The number of sales increased this past month, no doubt thanks to Buyers who are keen to make their move this year rather than wait until the market picks up after the holidays.
Mount Pleasant, Strathcona Hastings and Fraser are still quite busy for condos and townhouses, while Renfrew, Grandview, Fraser and Mount Pleasant were the most active markets for houses.
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: [email protected]
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
1-3 Bedroom Re-Sale Homes (likely older homes needing a lot of work) vs 4+ Bedroom Re-Sale Homes vs New Construction Homes:
Things are going to start to slow down his month when it comes to new listings, but it’s still a good time to sit down wth real estate agents (me!) and mortgage brokers (Eitan Pinsky or Tom Prasol!) so you can start to learn about the market, the process and things you can do to get yourself ready so when the good listings start coming up in the New Year, you are ready to pounce. Not to mention, if you’re going to find a deal in Vancouver Real Estate, it’s going to be at this time of year, so you’ll be able to make a move.
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.