Condos in East Vancouver
The East Vancouver condo market had a 30% absorption rate last month (there was activity across every price point) with a slight decrease in the number of sales compared to March. If you want a numerical look at just how busy the current market is – take a look at the April 2014 numbers: there are 12% fewer listings right now, yet 88% more sales. That’s a lot of extra Buyers competing for much less inventory (note: the high inventory numbers from last year is likely from the emergence of a few new condo buildings under construction and beginning sales).
Average price drops to the low-$400k’s while median price is in the high $300k’s. Take some time to consider different neighbourhoods in East Van if you’re looking for a home and have a strict budget: Joyce/Collingwood and Hastings have some good affordable option while Meccanica, Lido and Collection 45 are some recent developments if you’re looking for something new.
Recent Condo Sales in East Vancouver
One of the least expensive condos sold last month was this 442sqft unit only a few blocks from Main and East 8th. Though small, the unit has proper bedroom, and updated kitchen and bathroom. The building has 21 units with no elevator and shared laundry. Rentals are allowed, making this a great investment property. Listed for $204,500, it sold 102 days later for $195,000. Keep in mind that units under 500sqft maybe require a large (over 50%) down payment.
The most expensive unit sold in East Van last month was the penthouse unit in Collection 45, a new building at East 8th and Quebec. This 2 bed + den unit has 1361sqft, along with a 300sqft balcony and 600sqft roof top deck. The unit has unobstructed views of the mountains and city, and comes with fine finishings. The unit was listed for $1.399M and sold for full asking price (which did not include 5% GST that is applicable for new developments).